European Currencies Continue to Rise
FXOpen
The German elections last Sunday and the postponement of US tariffs on the European Union have contributed to a full-fledged upward correction in EUR/USD, GBP/USD, and USD/CHF. The GBP/USD currency pair tested 1.2700, EUR/USD briefly traded above 1.0500, and USD/CHF sellers broke key support at 0.9000.
EUR/USD
According to technical analysis, EUR/USD is showing the completion of several bullish reversal patterns formed back in January. At present, the price is trading within the key range of 1.0540–1.0520. If EUR/USD buyers manage to hold the price above this level, the pair could continue its rise towards 1.0630–1.0590. A break below 1.0500 may lead to a retest of 1.0450–1.0400.
Today, the following events may influence EUR/USD pricing:
- 10:00 (GMT+2): Germany GfK Consumer Climate Index
- 10:30 (GMT+2): France Consumer Confidence Index
- 16:00 (GMT+2): US Building Permits
USD/CHF
For several weeks, USD/CHF buyers have attempted to strengthen above 0.9200. A retest of this resistance level in early February triggered a sharp pullback and the formation of a "double top" reversal pattern on the daily timeframe. At the start of this trading week, USD/CHF sellers managed to push the price below the base of this formation. If the "double top" pattern is fully realised, the price may decline to 0.8790–0.8740. A reversal of the bearish correction scenario can be considered only after a confident breakout above 0.9000.
In the upcoming trading sessions, the following events may influence USD/CHF pricing:
- 12:00 (GMT+2): Switzerland ZEW Economic Expectations Index
- 18:00 (GMT+2): US New Home Sales
- 20:00 (GMT+2): Speech by FOMC member Bostic
- Tomorrow at 12:00 (GMT+2): Switzerland ZEW Economic Expectations Index
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This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
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