Ransquawk

In mid-September, the declines of EURCHF, lasting since May, have come to an end. The price fell slightly below 1.1200, after which there was an upward rebound. Looking in the long term, the current appreciation may still be treated as a correction. In the short term, however, we are already talking about a change of the sentiment. Currently, the price has reached an important level.

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Further fate of EURCHF

In the past, the level of support/resistance at 1.1450 was very significant on this pair. It was in this place that the August bullish correction stopped. Two downside corrections were stopped in this area this year. We now see that this level has been violated several times over the past week, there is no dominant direction.

Sentiment on EURCHF is still bullish so the growth scenario is more likely. However, before we enter longs, I suggest waiting for a break above the local high at 1.1490. Then you can open the position with a goal of at least 1.1625.

In the case of a downward scenario, bears must first overcome the local low at 1.1415. Then the way to support at 1.1270 should be opened.

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