EUR/CHF Forecast Today 14/10: Euro Bounces (Charts)
Date
10/14/2024 4:41:38 AM
(MENAFN- Daily Forex)
The Euro has bounced significantly from the 0.9350 level, which has proven to be a strong support area multiple times. The market's sharp turnaround at this level is noteworthy, indicating its importance. This movement suggests a potential increase in risk appetite among traders.
Technical Analysis
It's worth noting that the technical analysis is a bit interesting, as we have seen a lot of support near the 0.9350 level, which continues to show its influence on Friday. At this point, the
market is likely to continue to see this pair move back and forth based on risk appetite as money tends to flow into Switzerland when people are concerned about the economy, and out of Switzerland when they feel like taking a bit more risk.
The 50 Day EMA is near the 0.9450 level, and of course is dropping. That technical indicator of course is one that a lot of people pay close attention to so it'll be interesting to see if we can get above there. If we did, that would be an extraordinarily bullish sign. As things stand right now, the market has been going sideways for a while, and I think it makes a certain amount of sense that we will continue to go back and forth.
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If we were to break down below the 0.93 level, then it would be a complete breakdown of the support for this pair, opening up the possibility of some type of short-term collapse. That would almost certainly be influenced by some type of risk appetite destruction, as the Swiss franc of course is considered to be a major safety currency, and of course the safety of Swiss banks is also an appealing thing for the EU trading public anyway. On the other hand, if the market were to break to the upside, the market would certainly show that more risk appetite is being taken.
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