EURCHF Price Fires Up With A Strong Bullish Gain

Market Analysis – Buyers Remain on the Offensive

EURCHF price fires up with a strong bullish gain this week. The currency pair has seen a strong gain since the close of the week, with liquidity flowing in a bullish direction. Over the past week, the price of the pair has dropped significantly, breaking out of the 0.97570 key zone. However, buyers have managed to keep the price afloat at the 0.96410 market level. This has removed the sellers’ grip on the market and is a positive development for buyers, who can now enter the market.

EURCHF Market Levels

Resistance Levels: 1.00540, 0.98660
Support Levels: 0.96840, 0.96840

As the new week is set to play out, the buyers are approaching the 0.96840 market level. If buyers are unsuccessful in penetrating this key level, then there is a possibility of sellers entering back into the market. It is safe for traders to monitor the situation closely, as this could indicate a shift in trend. A lot will play out as the new week unfolds. With the buyers racing all out in the market. Although this could just be for the short term in the market.
The current bullish surge in the EURCHF currency pair is proving to be a major concern for traders as the price has been held down in a bearish flow for some time. The Parabolic SAR (Stop and Reversal) indicator is a great indicator to gauge the general trend of the market, and currently, it is pointing to a bullish surge.

Market Expectation

On the 4-hour chart, the bulls are making significant progress, and the price is now nearing the 0.96840 market level. This current reversal in the EURCHF currency pair may hold firm or it may continue lower. Either way, traders should remain vigilant and pay attention to how the price unfolds.

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