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Higher volatility on the CHF market after the SNB decision
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EURCHF bounces off the key technical support
Although SNB's decision today was in line with market expectations, the Swiss franc appreciated in the aftermath.It turns out that, some investors expected more firm actions from the Swiss National Bank. In response to today's decision, EURCHF declined to the key support zone. Looking at the H4 interval, one can see that the price broke above the resistance at 1.0960, where one can find upper limit of the 1:1 structure as well as local lows and peaks. Currently, the aforementioned resistance zone serves as a support. The demand-side reaction to this zone could see upward move accelerate and potentially push the price to as high as the 1.1060 handle, where the 38,2% Fibonacci retracement can be found.
EURCHF interval H4. Source: xStaion5
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Open account Try demo Download mobile app Download mobile appMoving to the lower time frame, one can see that the buyers managed to halt decline at the support level. An upward move towards the latest local high (1.1015) could be delivered from there.
EURCHF interval H1. Source: xStation
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