EURCHF Technical Analysis Report 24 April, 2024

– EURCHF reversed from support zone

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– Likely to rise to resistance level 0.9840

EURCHF currency pair recently reversed up from the support zone located between the major support level 0.9680 (former monthly high from September and November, acting as the support after it was broken in March) standing close to the 38.2% Fibonacci correction of the previous upward impulse from the start of February. The upward reversal from the support level created the strong Japanese candlesticks reversal pattern Hammer Doji.

Given the clear daily uptrend and the continuation of the Swiss franc outflows, EURCHF currency pair can be expected to rise further toward the next major resistance level 0.9840, which stopped the pervious waves C and B, as can be seen below.

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