Technical Analysis – EURCHF heads up after bearish spike
April 24, 2024 10:27 am
EURCHF recovers some ground
Price has strong rebound off 200-day SMA
Oscillators suggest upside momentum
EURCHF is developing the third consecutive green day after the bearish spike towards the 200-day simple moving average (SMA) and the 0.9560 support level. The market is gaining some ground, surpassing the short-term simple moving averages (SMAs) with the technical oscillators confirming an upside recovery. The RSI is sloping north above the 50 territory, while the MACD is stretching its positive momentum in the positive area.
Should the pair manage to strengthen its positive move, the next resistance could come around the almost one-year high of 0.9847 before testing the April 2023 high of 0.9880.
However, if prices are unable to continue the upside structure, the risk would shift back to the downside with the 0.9675 bar, which coincides with the 50-day SMA, once again coming into focus. A drop below this line would signal the resumption of the short-term negative move until 0.9630 and the 200-day SMA at 0.9560.
To sum up, EURCHF is still positive in the medium-term view as it is still standing above the SMAs despite the downside break of the steep uptrend line.
EURCHF recovers some ground
Price has strong rebound off 200-day SMA
Oscillators suggest upside momentum
EURCHF is developing the third consecutive green day after the bearish spike towards the 200-day simple moving average (SMA) and the 0.9560 support level. The market is gaining some ground, surpassing the short-term simple moving averages (SMAs) with the technical oscillators confirming an upside recovery. The RSI is sloping north above the 50 territory, while the MACD is stretching its positive momentum in the positive area.
Should the pair manage to strengthen its positive move, the next resistance could come around the almost one-year high of 0.9847 before testing the April 2023 high of 0.9880.
However, if prices are unable to continue the upside structure, the risk would shift back to the downside with the 0.9675 bar, which coincides with the 50-day SMA, once again coming into focus. A drop below this line would signal the resumption of the short-term negative move until 0.9630 and the 200-day SMA at 0.9560.
To sum up, EURCHF is still positive in the medium-term view as it is still standing above the SMAs despite the downside break of the steep uptrend line.
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