EUR/CHF: Euro bounced at its 500 EMA following this mornings pullback; critical resistance is at 1.14345

Denis Joeli Fatiaki Independent Analyst

EUR/CHF: Euro bounced at its 500 EMA following this mornings pullback; critical resistance is at 1.14345

What is going on now with EUR/CHF?

EUR/CHF: The Euro fell below 1.14510 in yesterdays session but bounced at 1.14435 support and reached the estimated target at 1.14690. The pair failed to continue at 1.14690 and fell to 1.14510 support. The Euro failed to hold at 1.14510 and triggered the estimated short position in this mornings session. The pair continued its pullback from 1.14510 and took out three short positions at 1.14435, 1.14345, and 1.14270 before bouncing at 1.14270 support.

Our forecast

EUR/CHF: The Euro is currently attempting to reverse to the upside. The Euro currently trades at 1.14363 and needs to break and maintain above 1.14345 to continue to 1.14435 and 1.14510. The pair could head down to 1.14270 and 1.14210 support if it fails to maintain at 1.14345

Support/ Short - 1.14435, 1.14210, 1.14160, and 1.14055

Resistance/ Long Target- 1.14435, 1.14510, and 1.14600

The trade signals are posted on to our Telegram channel on a regular basis as per the link below.
https://t.me/leoprimefx

Chart 1: The short-term view of the EUR/CHF price action in the 60 minutes price chart highlights the direction of the trend and the support and resistance price points

Chart 2: The short-term view of the EUR/CHF price action in the four hours price chart highlights the direction of the trend and the support and resistance price points

Author

Denis Joeli Fatiaki

Independent Analyst

Denis Joeli Fatiaki possesses over a decade of extensive experience as a multi-asset trader and Market Strategist.

EUR/USD accelerates losses, focus is on 1.1800

EUR/USD’s selling pressure is gathering pace now, opening the door to a potential test of the key 1.1800 region sooner rather than later. The pair’s pullback comes on the back of marked gains in the US Dollar following US data releases and the publication of the FOMC Minutes later in the day.

GBP/USD turns negative near 1.3540

GBP/USD reverses its initial upside momentum and is now adding to previous declines, revisiting at the same time the 1.3540 region on Wednesday. Cable’s downtick comes on the back of decent gains in the Greenback and easing UK inflation figures, which seem to have reinforced the case for a BoE rate cut in March.

Gold picks pace, flirts with $5,000

Gold is back on the front foot on Wednesday, shaking off part of the early week softness and pushing higher towards the key $5,000 mark per troy ounce. The move comes ahead of the FOMC Minutes and is unfolding despite an intense rebound in the US Dollar.

Fed Minutes to shed light on January hold decision amid hawkish rate outlook

The Minutes of the Fed’s January 27-28 monetary policy meeting will be published today. Details of discussions on the decision to leave the policy rate unchanged will be scrutinized by investors.

Mixed UK inflation data no gamechanger for the Bank of England

Food inflation plunged in January, but service sector price pressure is proving stickier. We continue to expect Bank of England rate cuts in March and June. The latest UK inflation read is a mixed bag for the Bank of England, but we doubt it drastically changes the odds of a March rate cut.

Top 3 Price Prediction: Bitcoin, Ethereum, and Ripple face downside risk as bears regain control

Bitcoin, Ethereum, and Ripple remain under pressure on Wednesday, with the broader trend still sideways. BTC is edging below $68,000, nearing the lower consolidating boundary, while ETH and XRP also declined slightly, approaching their key supports.