Canada will announce its monthly GDP on July 31, at 15:30 MT time.
The euro in a double-top pattern
Information is not investment advice
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 US unemployment claims are announced on Thursday at 15:30 MT time.
The Australian Monetary Policy Meeting Minutes are announced on Tuesday at 04:30 MT time.
China’s Manufacturing PMI will be out on Wednesday at 04:00 MT time!
China's industrial rebound, progress in US fiscal stimulus and other important news in this article.
The market sentiment is mixed as investors weigh US stimulus package against the rising infections and worse-than-expected US unemployment claims. Jump in for fresh analysis of EUR/USD, USD/JPY, S&P 500 and gold!