EURCHF Consolidating Within $1.116 and $1.110, Breakout Is Imminent

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EURCHF Price Analysis – July 10

The bullish trend will continue only when the Bulls break up the confluence at $1.116 level. Should the Bears defend the $1.116 level consolidation may continue.

EUR/CHF Market

Key levels:

Resistance levels: $1.116, $1.126, $1.133
Support levels: $1.110, $1.105, $1.098

 

EURCHF Long-term trend: Ranging

EURCHF is on the sideways movement on the long-term outlook. The currency pair has not made any significant movement on the daily chart. It has been range-bound within $1.110 and $1.116 price levels. Throughout last week, the pair was moving sideways within this range. On the daily chart, the momentum of today’s market is low.

EURCHF daily charts, July 10

EURCHF price maintains its trading below the 21 periods EMA and 50 periods EMA at a close range to the EMAs which indicates low bullish momentum. However, the Stochastic Oscillator period 14 is above 50 levels with the signal lines pointing up to indicate a buy signal. The bullish trend will continue only when the Bulls break up the confluence at $1.116 level. Should the Bears defend the $1.116 level consolidation may continue.

EURCHF medium-term Trend: Bearish

EURCHF is ranging on the medium-term outlook. The sideways movement commenced on the 4- hour chart on July 02 after the price reached the resistance level at $1.116. The Bears returned the price to the support level of $1.112. Both the Bear and the Bulls lost momentum and the price started consolidating within the $1.116 and $1.112 levels.
The 21 periods EMA is interlocked with 50 periods EMA and the price is trading directly on the two EMAs.

EURCHF 4-hour charts, July 10

Nevertheless, the Stochastic Oscillator period 14 is below 40 levels and the signal lines bending down to indicate that the price may reduce.

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About AzeezMustaph

Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.