The European Central Bank is scheduled to announce its decision on interest rates on Thursday. It will be followed by a press conference, during which explanations will be given on the policy. Based on previous speeches of ECB Christine Lagarde, it is likely that the central bank will increase the rates, and that will strengthen the position of EUR against most currencies, including the USD.
On a different notes, it was reported that a board member of the Swiss National Bank said he is ready to intervene to cope with the rapid strengthening of the franc, including against the EUR. As such, EUR/CHF could bounce back in the near future and go into a long correction. In such as case, it is ideal to practice grid trading, either from the current prices or as part of the trading idea presented last week.
That is taking up long positions in EUR/CHF, with TP at the mirror levels of 1.023-1.030.
Good luck and have a nice day!
