There have been some sharp moves in the markets in the first half of Wednesday’s session with global stock indices, Turkish Lira, euro and pound all tumbling and safe-haven yen, Swiss franc and to a lesser degree gold all rallying.
The euro lost ground broadly on Friday as concerns about the health of Deutsche Bank weighed on the single currency and undermined risk appetite across global markets.
A consensus is forming at the European Central Bank to take the interest rate it charges banks to park money deeper into negative territory in December.
The euro/swiss franc currency pair's price action is particularly interesting. The pair has been consolidating between 1.04 and 1.05 for the last week, but one way or another, we’re likely to see a major breakout tomorrow or early next week.
A week ago today, we published a report highlighting a bullish cup-and-handle pattern on Euro/Swiss franc, concluding that, “as long as EUR/CHF holds above its near-term bullish trend line (cu
