EURCHF has been trading in a downtrend for some time already. Taking a look at the pair at D1 interval, we can see that the ongoing upward correction has reached a key resistance zone. The 0.9540 area is marked with the upper limit of the market geometry, previous price reactions as well as 100-period exponential moving average. In case the pair fails to break above this area, one cannot rule out resumption of a downtrend with recent lows being the first target. On the other hand, a break above the 0.9540 resistance may hint at a bullish trend reversal. In such a scenario, buyers may target 0.9675 area marked with previous price reactions as well as 50% retracement of the downward wave.
Source: xStation5
Start investing today or test a free demo
Create account Try a demo Download mobile app Download mobile appThis content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
