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Abnormal but not unprecedented EUR/CHF move

EUR/CHF ADX(14) has just crossed above the key level 50, emerging from the low 30 levels in the previous session.

This event is abnormal but not unprecedented. It sets a scene from a positioning perspective where there is a big imbalance in the supply/demand equation, causing price to quickly search a new value zone.

While speeding up, it leaves behind unfilled sell orders which may cause prices to give back part of the impulsive move. The 200-SMA, now printing above the recent close, could be tested on an upside reaction.

Risk-on dominates Asia amid upbeat China PMIs, a raft of PMIs eyed

Broad based US dollar strength persists in Asia as the broader market sentiment favored the riskier assets after the Chinese manufacturing gauges showed a slight improvement in September. However, volumes were relatively thinner as China stock markets remain closed in observance of National Day.
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Bearish print added to the EUR/CHF chart

Bearish print added to the EUR/CHF chart
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