EUR/CHF Consolidation: Key Levels to Watch
Tuesday, 23 July 2024, 06:28
Current Market Overview
The EUR/CHF currency pair is currently in a phase of consolidation above the temporary low of 0.9641. The intraday bias remains neutral, indicating a wait-and-see approach.
Potential Rally or Downtrend
- A strong bounce from the current level will help maintain bullish momentum.
- A break above 0.9972 will resume the rally initiated from 0.9772.
- Conversely, a solid break below 0.9659, which represents the 38.2% retracement, may extend the downward movement.
Conclusion
In summary, traders should closely monitor the 0.9659 and 0.9589 levels for potential action signs. The outcome of this consolidation phase will significantly affect trading strategies in the near term.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.