EURGBP and EURCHF: EURCHF at a new 10-day high of 0.97868

EURGBP chart analysis

EURGBP is currently maintaining the sideways 0.85950-0.86100 range started on Friday. In the previous hour, the pair made an attempt to break above the upper level of the range, but it was rejected and initiated a bearish impulse to the 0.86000 level. We are now approaching the lower level, and it’s important to be aware of this as it could lead to a drop below to a new daily low.

For a bullish option to materialize, we need to see a positive consolidation and a new rise to the 0.86100 level. This would require us to surpass this level and form a new daily high, confirming the strength of the bullish option and potentially leading to further recovery. Higher targets could then be the 0.86150 and 0.86200 levels. It’s important to note that these conditions indicate a potential market direction and should be closely monitored.

EURCHF chart analysis

During this morning’s Asian session, EURCHF initiated a positive consolidation from the 0.97640 level. This led us to see a jump and the formation of a daily high at the 0.97868 level. With this, we break a 10-day high and strengthen bullish optimism for further recovery. We are now pulling back and looking for new support above the EMA200 moving average. If we succeed, we will form a higher low than the previous ones, strengthening the bullish trend.

Potential higher targets could be 0.97900 and 0.97950 levels. We need a pullback below the EMA200 and the 0.97650 level for a bearish option. This brings us back to this morning’s support zone. A new impulse below would push us to a new daily low and thus confirm that EURCHF is under bearish pressure. Potential lower targets are 0.97600 and 0.97550 levels.

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