The EURCHF price could be heading back to parity as the EURO continues to strengthen.
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The price of EURCHF could head towards parity again as the EURO continues to strengthen ahead of the ECB rate decision. The ECB is expected to raise interest rates to 2.00% this week which is a rise of 75bps. If they do this and outline further hikes we could see the EURCHF price trade up to parity. The Swiss Franc has also weakened recently helping the EURCHF price trade higher.
Looking at the monthly chart we can see that the price is in a downward trend but in a retracement phase. This leads to a bullish upward trend forming on the lower time frames. The daily chart shows the price forming an inverse head and shoulders pattern which also shows that the price could trade higher. The 4hr time frame will be key for breakout traders as the price looks to be breaking into new highs which could offer long opportunities for traders looking to be long in this market.
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