EURCHF is experiencing a significant bullish movement, currently testing the resistance at around 0.9775 after surpassing a minor resistance at 0.97.
This bullish move follows the pair's break above a falling trendline that dates back to January 2022 and its break back above the 200 Daily Moving Average, signaling a strong upward momentum.
On the weekly chart, EURCHF has reached the 0.618 Fibonacci retracement level, indicating a potential area for a short-term correction before the likelihood of further upward movement.
Should EURCHF close above the weekly Ichimoku Cloud (Shaeded area), it could set the stage for a rise to the 0.786 retracement at 0.9917, though a minor pullback might occur in the short term.
Both daily and weekly RSIs are reflecting positive sentiment with no divergence, suggesting that higher levels for EUR/CHF could be on the horizon
However, if the pair retreats below 0.97, it could negate this bullish outlook
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This bullish move follows the pair's break above a falling trendline that dates back to January 2022 and its break back above the 200 Daily Moving Average, signaling a strong upward momentum.
On the weekly chart, EURCHF has reached the 0.618 Fibonacci retracement level, indicating a potential area for a short-term correction before the likelihood of further upward movement.
Should EURCHF close above the weekly Ichimoku Cloud (Shaeded area), it could set the stage for a rise to the 0.786 retracement at 0.9917, though a minor pullback might occur in the short term.
Both daily and weekly RSIs are reflecting positive sentiment with no divergence, suggesting that higher levels for EUR/CHF could be on the horizon
However, if the pair retreats below 0.97, it could negate this bullish outlook
Share