EURCHF Pair Keeps Its Spot as More Consolidation Unfolds

EURCHF Analysis – The Currency Pair Remains in a Tight Range

EURCHF pair keeps its spot as more consolidation unfolds. The currency pair has been recently trading in a tight range, consolidating below the 0.99540 key zone. This tight range can be attributed to numerous factors as the new year plays out its activities. From a technical perspective, the market has been showing signs of bullish weakness. The buyers have been so slow to react, causing more buildup. This has therefore led to more consolidation as we speak.

EURCHF Key Zones

Resistance Levels: 1.05190, 0.99540
Support Levels: 0.97390, 0.94920

Irrespective of the current price consolidation, traders are still advised to watch out for any breakouts or breakdowns given the current state. The bulls have been hyperactive following their engulfment of the bears in September 2023. With more push, the price breaks above the 0.97390-level key. However, the buyers have only been trading above it since wresting control from the sellers. Rather than seeking out an outburst, the market has chosen to remain quiet as we speak. This also explains the price indecision on the daily chart.

As prices continue to accumulate, a breakthrough session is therefore close by. If there appears to be a breakout above the resistance level, then it’s an opportunity for more bullish gain. The Stochastic Oscillator still gives us a clue as buyers now seek to hold strong on the daily chart. Since the Stochastic Oscillator is ready to signal an oversold condition, buyers should also pay attention to the EURCHF price. The Bollinger Band Indicator is already close to being ripe on the daily chart.

Market Expectation

The market shows an acculturation trend that is still ongoing as we speak. Depending on the trading strength, the currency is either about to break up or about to break down. Traders should also pay attention to the 4-hour chart buildup as the accumulation continues below the 0.99540 key zone.

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