EURCHF Analysis – The Price Is Accumulating Strength at the 1.02470 Key Level
EURCHF is accumulating strength at the 1.02470 significant level as it bids to continue its upward drill for higher price levels. The market had leapt up from a slightly lower key level at 1.02000 to reach 1.04950, which also confluences with the upper frame of its ascending channel. The price was rejected and dipped to 1.02470, a higher low than the last support level.
EURCHF Significant Levels
Resistance Levels: 1.03270, 1.04010, 1.04950
Support Levels: 0.99760, 1.02000, 1.02470
EURCHF bulls are currently on a mission to reclaim lost price levels. This mission was triggered when the market was pressured to drown to a seven-year low. This triggered some form of retribution in the buyers, and since then, they have been systematically drilling upwards against the tide to reclaim lost price levels.
Therefore, consistent higher highs and higher lows characterize the upward movement of the price, and the price trudged up through an ascending channel. The latest market move has seen the EURCHF move from the 1.02000 support level to 1.02470. At 1.02470, the market is now accumulating strength by which it will make another higher high. The Parabolic SAR (Stop and Reverse) dots are alternating around the candles as they rise.
The 4-hour chart shows consolidation between the 1.03270 level, posing as a barrier going upward, and the 1.02470 critical level, which is acting in support of the market. This consolidation affords EURCHF the opportunity of accumulating momentum. The RSI (Relative Strength Index) signifies a potential upside breakout as its line ascends above the zero level. EURCHF is expected to break its barriers and launch towards 1.06070.
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