EURCHF Strikes Back at the 0.9840 Resistance Level

EURCHF has resumed its upward momentum, striking at the  resistance level of 0.9840 as bullish forces gather strength. April witnessed a setback for buyers as their attempts to breach the pivotal 0.9840 level were met with disappointment. The Awesome Oscillator underscored this downturn in bullish momentum, evident in the sudden price retreat below 0.9690.

EURCHF Key Levels

• Demand Levels: 0.9690, 0.9560, 0.9470
• Supply Levels: 0.9840, 1.0000, 1.0080

EURCHF Long-Term Trend: Bullish

The appearance of three black crows corroborates the early signal provided by the Awesome Oscillator during the test of the 0.9840 resistance level. Subsequent observations of red hues in the Awesome Oscillator and diminishing bar sizes signaled a waning momentum. The market experienced a brief respite from the price plunge for a day, only to swiftly descend to the lower demand level of 0.9560.

However, the bullish sentiment was swiftly reinstated with a prompt price recovery above 0.9690, characterized by the formation of a hammer candle featuring an elongated tail.

EURCHF Short-term trend: Bearish

Recent indications from the Smoothed Heikin Ashi Candles suggest a resurgence in price, marked by its green hue. Additionally, the formation of higher lows signals a potential resumption of the bullish trend. With the Awesome Oscillator indicating a strengthening bullish momentum, the market presents another opportunity to challenge the critical 0.9840 resistance level. Investors who seek opportunities to align their positions with the prevailing momentum with the aid of the best forex signals.