EURCHF Is Hoping for a Bullish Expansion

EURCHF Analysis – Bollinger Band Indicator Still Confirms Compaction on Price

EURCHF is still hopeful of bullish expansion in the coming days. The market has recently stuck to consolidation for a while. The currency pair has been trading quietly, and the momentum indicator hasn’t shown much of a spike. Following a bullish extension above the 0.97390 market level, the Bollinger Band indicator has been compacting. So, therefore, the EURCHF price has been stuck between the 0.99510 and 0.97390 key levels. Nevertheless, the bulls are still pushing for a way out of the market as 2022 runs out.

EURCHF Key Levels

Resistance Levels: 1.05270, 0.99510
Support Levels: 0.97390, 0.94920

Over the past few months, the buyers have been majorly outclassed owing to the bearish setup. The bears have been on their toes right from the start of 2022. Following a downtrend pullback in May 2022, the sellers break through the significant 1.02440 level. However, significant selling pressure followed as the price fell to a significant low of 0.94920. At this stage, the buyers were strong enough to outweigh the sellers’ power at the 0.94920 key zone.

As a consequence of the price shift toward buying opportunities, the bulls began to expand. The Bollinger Band indicator is seen to be compressing as traders anticipate possible expansion. The stochastic RSI (Relative Strength Index) shows buyers ready to expand amidst oversold strength. The momentum indicator is still quite high as we speak. Nonetheless, bullish expansion is expected to continue in the coming weeks.

Market Expectation

The buyers are still creating more attacks against the selling strength on the 4-hour chart. The momentum indicator is also still set to cause more spikes as buying pressure increases. The EURCHF price could therefore expand beyond the 0.99510 key zone in the coming weeks.

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