The price of EURCHF has soared past recently formed highs suggesting long opportunities could now form.
Watch the video to learn more…
EURCHF Soars Above Key Level
The EURCHF pair has been making headlines recently as it has broken out of the 0.9950 highs. This is a significant development for traders as the pair has been trading within a tight range for quite some time. The breakout above this key level could indicate a strong bullish move for the pair.
Traders will also be pleased to see that the EURCHF pair found support at the 0.9500 level on September 22nd. This level has been a key support point in the past and it’s encouraging to see the pair hold above it. Additionally, the price of the EURCHF pair is currently trading above parity which is a positive sign for the pair.
The daily time frame shows that the price of the EURCHF pair is currently trading out of a bullish channel and above the 200 Moving Average. This could indicate that a retest of this level could invite further long positions.
Furthermore, the upward trend could develop with upside targets of 1.0500. This is an ambitious target and traders should be aware that the currency markets can be volatile, so it’s important to have a well-defined trading strategy and risk management plan in place. However, with the recent breakout and positive market conditions, the upward trend in the EURCHF pair is looking more likely.
In summary, the EURCHF pair has made a significant breakthrough above key level of 0.9950 and find support on September 22 at the level of 0.9500. The price currently trading above parity, which is a positive signal for the pair. The daily time frame also showing that the price is trading out of a bullish channel above the 200 MA, which could offer further opportunities for longs. An upward trend could develop here with upside targets of 1.0500. Traders should monitor the market conditions closely and have a well-defined strategy in place to take advantage of the positive developments in the EURCHF pair.
Have you watched our GOLD analysis? You can see it here.
Enjoy low spreads and quick trade executions with a live account. Our highly committed customer support team will assist you with your quick account setup for any future concerns. Start trading with Blueberry Markets today.