The EURCHF pair has been consolidating since April following a volatile price swing earlier this year. This sideways movement appears to be a correction, with clearly established support and resistance boundaries. The price has recently tested the lower boundary and shows signs of preparing for an upward move.
The consolidation range has formed clear borders, with resistance holding firmly at 0.94220 and support establishing itself at 0.92940. Each srike has successfully reversed price action at least three times, demonstrating its significance.
With the recent test of support now complete, control appears to be shifting to buyers. Price has moved above the 9- and 21-period Moving Averages, suggesting a bullish reversal within the range. This view is supported by the Stochastic oscillator, which is emerging from oversold territory.
EURCHF Short-term Trend: Bullish
The 4-hour chart shows a triple bottom formation at the 0.92940 demand level, accompanied by a Change of Character (ChoCh) pattern. This technical setup suggests potential upside targets at the mid-range level initially, followed by a possible test of the range high at 0.94220.
The best Forex signal Telegram channels may consider long positions with appropriate risk management, targeting the midpoint of the consolidation range first. A confirmed break above 0.94220 could signal the resumption of the broader bullish trend. As always, confirmation through price action and volume analysis remains crucial before entering trades.
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EURCHF Short-term Trend: Bullish
EURCHF Short-term Trend: Bullish
