EURCHF Analysis – Price Is Pushing to Regain Higher Price Levels
EURCHF is pushing to attain higher price levels after it successfully broke out of a triangle design. The last pullback before the break-out came on the 22nd of April 2022, after the price fumbled around the 1.03270 key level. This ensured a retracement back to around 1.02470, but this was also a trigger for the market as it gathered momentum and broke out of the triangle design.
EURCHF Key Levels
Resistance Levels: 1.06070, 1.04520
Support Levels:1.04010, 1.02470
During its period of tapering through its triangle design, three key levels were crucial to the market regaining its bullish stride- 0.99760, 1.01010, and 1.02470. These key levels were the support steps by which the market made consistently higher lows (even though the currency pair was also making consistent lower highs). Each level was responsible for pushing the price up a level till it eventually broke out of the pattern.
The market’s upsurge was strong enough that it broke the confluence of the 1.03270 resistance and the upper frame of the triangle design. It also broke several other key levels to reach 1.05100. At this point, the price stopped for a breather. A retracement is now following before the bullish stride continues. The price seems to have found a landing spot at the 50% Fibonacci level as it shows new bullish signs.
The RSI (Relative Strength Index) line on the daily chart is showing a step-wise uptrend. The market is currently about to pick up again after a drop. The RSI on the 4-hour chart emphasizes the current retracement as its line drops below the zero level. However, the currency pair is now pushing to go above the zero level. The price is expected to turn bullish again and breakthrough 1.05100 on its way to reaching 1.06070.
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