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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
EURCHF TECHS
On Tuesday, we published a note on EURCHF highlighting the medium-term bullish conditions that currently dominate. The key points are:
- Bullish EURCHF trend conditions improved significantly last week following the break of resistance at 1.0900.
- Using the point and figure chart, the uptrend is defined by a positive moving average slope structure following a reversal in May 2020 of the prior 24-month bear-trend.
- Bulls have cleared 1.0900, the June 2020 reaction high on the P&F chart (1.0916 is the intraday high on Jun 5 2020).
- The break higher reinforces underlying bullish conditions.
- 1.0900, a former resistance now marks a key pivot support area.
- Major support is at 1.0620.
- This chart application and the technical structure suggests that on a 3-month time horizon, EURCHF is likely to remain in a bull mode.
Today, the cross is extending gains and has traded through the 1.1100 handle. This opens 1.1200 next and 1.1255, 50.0% of the major downtrend between April 2018 and May 2020.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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