September 8, 2023
EURCHF analysis for 08.09.2023
On the 4-hour EURCHF chart, price action is predominantly in the upper half of the Bollinger Bands, hovering near the upper band. This typically hints at a recent bullish sentiment. However, the Bollinger Bands’ narrowing suggests decreasing volatility, potentially signaling a consolidation or a change in trend. The shift in the Parabolic SAR dots from below to above the price, with three consecutive dots, often indicates a potential bearish reversal. Additionally, an RSI reading of 46.37, though leaning toward the bearish side, is still in neutral territory. Taken together, these indicators suggest that while the EURCHF has shown strength recently, there might be early signs of a potential pullback or consolidation on the horizon. Always use additional data and risk management when considering trades.
• There is a resistance level at 0.95959; followed by resistance at 0.95820 and 0.95805 .
• There is a support level at 0.95459. Below, there are 0.95420 and 0.95259.
Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.