FX.co ★ EUR/CHF

Hi everyone! On the hourly EURCHF chart there is a strong correction of the uptrend. If the bulls want to preserve the upward movement, we should expect a strong rebound from 0.9200. This is the 61.8 Fib level line, the classic last-chance point for a reversal. Most likely, the EURCHF sell-off is a reaction to the German inflation release, which matched analysts’ forecasts. A euro strengthening scenario had been priced in for this data, but even the situation in the Strait of Hormuz did not affect prices the way analysts expected. Therefore, currency speculators decided to lock in profits on the euro because of the Friday factor. But after that, the price may bounce off 0.9200 and finish the day at 0.9250. The rate differential between the ECB and the Swiss National Bank hasn’t gone anywhere.