USD/CHF and EUR/CHF rose to tactical highs. What's next?
The euro in a double-top pattern
The euro is showing an interesting movement today. On the H1 chart of EUR/CHF, we see that yesterday the price fell from the resistance of 1.0975 to the support of 1.0958 (17 pips down). Today, it rose back to 1.0975, forming the second peak at the same resistance level. This observation allows us to interpret this movement as a double-top pattern. Based on this, if the bears pull the price down enough to break through the support level of 1.0963 and the neckline of 1.0958, the price will be likely to drop down by another 17 pips. Otherwise, if the market makes a reversal to the upward direction, the resistance level of 1.0975 would be a mark to confirm its bullish mood.
Eurozone, France, and Germany will publish the flash services and manufacturing PMIs on February 19, from 10:15 to 11:00 MT time
Thursday ended with the EUR/USD being high above of local resistance of 1.10. What's the target now?
Read the daily report to get the full market wrap!
The European Central Bank is holding a meeting on April 22 at 14:45 MT time. What to watch?
The Bank of Canada (BOC) will publish the rate statement and the update on the interest rate on April 21, at 17:00 MT time.