By IFCMarkets
Getting ready for an ECB meeting and a speech by the head of SNB
The upward movement means the strengthening of the euro and the weakening of the Swiss franc. The speech of the head of the Swiss National Bank (SNB) Thomas Jordan is expected on July 14. Market participants believe that he will confirm his department’s commitment to a super-soft monetary policy. This may weaken the franc. Recall that the SNB rate is negative and has been -0.75% since the beginning of 2015. On Monday, two more companies (Pfizer and BioNTech) announced the creation of a Covid-19 vaccine. This is a negative factor for the “safe haven currencies” – the Swiss franc and yen. The EU leaders’ summit will be held on July 17-18. They will discuss the functioning of the anti-crisis fund. Before it begins, there may be some positive statements from the ECB, which will hold its regular meeting just the day before – July 16. The ECB’s rate of 0% ( since March 2016) is not expected to change.
| Indicator | VALUE | Signal |
|---|---|---|
| RSI | Buy | |
| MACD | Buy | |
| MA(200) | Neutral | |
| Fractals | Buy | |
| Parabolic SAR | Buy | |
| Bollinger Bands | Neutral |
Summary of technical analysis
| Order | Buy |
| Buy stop | Above 1,07 |
| Stop loss | Below 1,06 |
Market Analysis provided by IFCMarkets
