EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/CHF reversed from support area
2019-11-11 • Updated
- EUR/CHF reversed from support area
- Next buy target - 1.1450.
EUR/CHF continues to rise after the recent upward reversal from the support area lying between the major support level 1.1260 (former key support level from the middle of 2017) and the lower weekly Bollinger Band. The upward reversal from this support area stopped the previous medium-term impulse wave (C) from July. EUR/CHF is expected to rise further toward the next buy target at the next resistance level 1.1450.
On Thursday, the 2nd of February, the Bank of England will publish its report concerning interest rates and inflation data for the Eurozone. Professionals and investors anticipate that Andrew Bailey’s lead team of policy makers will likely raise interest rates to 4%; the highest in over a decade, for the tenth time in a row.
The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates?
Western countries are trying to find other options for oil and gas supplies after a 10th package of sanctions, which will put more pressure on Russian oil and decrease global oil supply. Italy, for example, is in talks with Libya.