EUR/USD spiked down to the September low in the 1.0930 but failed to stay there and closed around 1.1060 on Thursday.
USD/CHF is capable of more
Information is not investment advice
With the recent decline of the USD versus safe haven (the JPY, the CHF, and gold), USD/CHF looks like it has more scope for downside: the pair hasn’t reached support yet. Levels to watch on the downside include 0.9715 (January low) and 0.96 (support line). On W1, there was a “bearish engulfing” candlestick that closed below the 100- and 200-week MAs. A bearish break of the “wedge” seen on D1 implies bearish continuation. A pullback to the upside should meet resistance at 0.98 and 0.9850.
When looking for pairs to trade to benefit from today’s meeting of the European Central Bank, pay attention to EUR/NZD