EURCHF Marches Upward With a Surge to 1.06070

EURCHF Price Analysis – February 8

EURCHF marches upwards with a price surge to the 1.06070 critical level. The market eventually gains momentum from the 1.03270 support level. This lasts for seven days before the price marches past several key levels to reach 1.06070. EURCHF is now trying to negotiate its way past the resistance level.

EURCHF Critical Levels

Supply Levels: 1.06070, 1.07950, 1.09330
Demand Levels: 1.02260, 1.03270, 1.03710

EURCHF Long Term Trend: Bullish

In the last 4 months of the year 2022, the EURCHF market made a very sloppy dip from the 1.09330 significant level to the 1.03270 price level, which is a 5% price drop. Thereafter, buyers step into the market to resist the price fall and lift the mood surrounding the currency pair. This spirals into up to two months of back and forth movement in the market.

Eventually, buyers seemed to have more in the tank to take advantage of exhausted sellers. Therefore, the market was forged into a structure that bulls now take advantage of to drive the price up. In pushing upwards, EURCHF marches past the MA period 50 (Moving Average) which supervised the bearish regime. Buyers had to make significant volatility increase to do this, as shown by the ATR (Average True Range) indicator.

EURCHF Short Term Trend: Bullish

Having been confined to a medium-term consolidation, the buyers have finally broken free and are on the verge of more upside movement. An increase in market volatility, coupled with the MA period 50 actively acting as a support on the 4-hour chart, means EURCHF is set to climb higher. The market has pulled back for the first time upon reaching 1.06070. We now expect a breakout towards 1.07950.

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