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August 13, 2021 @ 16:48 +03:00
The EURCHF pair came to life last week, reversing upwards from eight-month lows at 1.07 for no reason, rising to 1.0840 for the week.
It could well be another session of intervention by the Swiss National Bank, which has repeatedly reversed prolonged trends of the franc strengthening against the Euro since last May.
However, later in the week, the Euro boosted buyers against the Pound and the Dollar.
EURUSD, the #1 currency pair, shows signs of bouncing back from the crucial support area at 1.1700, probably with help from the CHF outperformance. In addition, on Thursday, the Euro reversed to gains against the Pound on a fall below 0.8500 (lows since February 2020).
Will this buying be sustained? It is worth keeping an eye on the EURJPY, whose fluctuations have become minimal in recent days. An exit from this consolidation could signal a further move toward a breakout across most EUR pairs.
The FxPro Analyst Team