EURCHF Analysis: Price Is Set Up for a Ride Back to the 1.00420 Key Zone
EURCHF price bounces forward after price rejection on the currency pair. The EURCHF currency pair has been in a state of consolidation for some time now. This is because buyers have been formulating a move back to the key 1.00420 zone.
The bulls are now attempting to break through the 0.98550 psychological level, which is a negative development for sell traders. This has caused the price to remain in a state of consolidation as buyers are still working to push the price back to the $1.00420 market level. As of now, the price is projected to bounce back to the $1.00420 level, as the buying action has been more dominant than the selling action.
EURCHF Key Levels
Resistance Levels: 1.02830, 1.00420
Support Levels: 0.98550, 0.97290
The recent price rejection has been a positive development for the buyers, as it has opened up a buying opportunity in the market. This has resulted in the price bouncing forward, as buyers have been able to outpace the selling action. The buyers are now looking to break through the 0.98550 psychological level to break beyond the 1.00420 market level. This could potentially result in the currency pair breaking out of its current state of consolidation and resuming its upward trend.
The EURCHF market has been in a state of flux since the start of 2023. The market has been unable to break through the 1.00420 key zone; instead, it has been aggregating on the daily chart. Buyers have recently bounced off the 0.98550 key zone, and the bulls plan to continue their comeback in the market. This means that an increase in the number of buy traders will increase the number of buying opportunities on the currency pair. The buyer’s setup their bullish action after sellers were rejected at the 0.95030 key zone. From there, there has been a gradual progression of buyers trying to reclaim order blocks.
In the coming days, traders should anticipate buying expansion back to the 1.00420 key mark. This will be a great opportunity for traders to capitalize on the bullish momentum and take advantage of the potential profits that could be made. The Stochastic RSI (Relative Strength Index is pushing forward as buyers hold the wheel in the short time frame, too. Traders should anticipate a return to the 1.00420 key zone in the coming days.
Note: Forexschoolonline.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.