Yesterday EURCHF rose drawing a long-body bullish candlestick with almost no shadow with a high of 0.95806 and a low of 0.95167 closing at 0.95726. The price breaks the middle band line rising slightly below the MA 200 and MA 50.
The 50 MA is drawing a slight descending channel trying to cross from the upside of the 200 MA which is drawing a flat channel.
Switzerland's CPI in July showed a 0.2% decrease compared to the previous month reaching 107.5 points with inflation +1.3% compared to the same month the previous year.
Currently, the SNB interest rate is 1.25% valid from 21 June 2024. The CHF currency is often considered one of the safe-haven currencies because of its long-term economic stability. Switzerland also has a long history of hard assets including gold reserves.
While the ECB rate is currently 4.25% effective from 12 June, the euro area annual inflation rate was 2.5% in June 2024, down from 2.6% in May.
EURCHF started an upward reversal on August 5 after a long downtrend wave.
View attachment 7273
The 50 MA is drawing a slight descending channel trying to cross from the upside of the 200 MA which is drawing a flat channel.
Switzerland's CPI in July showed a 0.2% decrease compared to the previous month reaching 107.5 points with inflation +1.3% compared to the same month the previous year.
Currently, the SNB interest rate is 1.25% valid from 21 June 2024. The CHF currency is often considered one of the safe-haven currencies because of its long-term economic stability. Switzerland also has a long history of hard assets including gold reserves.
While the ECB rate is currently 4.25% effective from 12 June, the euro area annual inflation rate was 2.5% in June 2024, down from 2.6% in May.
EURCHF started an upward reversal on August 5 after a long downtrend wave.
View attachment 7273
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