EURCHF Is Set to Retest 0.98360 Before Further Upward Movements

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EURCHF Analysis – November 1

EURCHF is set to retest the 0.98360 critical level before it climbs to higher price levels. The market has done tremendously well to pick itself up from a very disastrous September, which saw it reach its lowest price level ever. The currency pair quickly conformed into an inverted head-and-shoulders formation, which pushed the price above the 0.98360 barrier. EURCHF is expected to retest the same level before continuing to rise.

EURCHF Key Levels

Resistance Levels: 1.01010, 0.99760, 1.03270
Support Levels: 0.94000, 0.97094, 0.98360

EURCHF Long-Term Trend: Bullish

At the beginning of September, the buyers tried to prevent the continuous fall but were firmly blocked at the 0.98360 resistance. This then led to the plunge to the lowest ever level. After that, the sellers dwindled as the bulls tried to regroup. The buyers took advantage of the structure on the ground to pattern the market into a bullish reversal head-and-shoulders formation with which it eventually breaks 0.98360.

EURCHF, having broken the 0.98360 barrier, is now set to retest it from above to push further forward. The MA period 50 (Moving Average) is firmly below the daily candles to show the upward trend of the market. The indication from the MACD (Moving Average Convergence Divergence) is that the market is strongly bullish, with lines high above the zero level accompanied by bullish bars.

EURCHF Short-Term Trend: Bullish

On the 4-hour chart, the candles have touched down on the 0.98360 level, which has turned into a support level. The price is expected to begin an immediate reversal. The retracement of the market has seen the MACD lines droop, but they are expected to rise imminently. The MA period 50 will also act as a support cushion for the price. The next target for the bulls lies at 1.03270.

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