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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.
The OPEC meeting and the US Nonfarm Payrolls rocked the market last week. The market is torn between optimism about the global economic recovery and concerns about the new coronavirus strains.
Once in a month, the euro has a very special day of increased volatility at the start of the European trading session.
USD/CHF and EUR/CHF rose to tactical highs. What's next?
The US dollar is heading to close the seventh day in the red as it remains under selling pressure. The US data at 15:30 GMT+3 (jobless claims and Philly Fed Manufacturing Index) may support the greenback if it's strong.
Canada will publish the Retail Sales and Core Retail Sales on October 22, at 15:30 MT time (GMT+3).
The United States will release the weekly Unemployment Claims on October 21, at 15:30 MT time (GMT+3).
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