EURCHF : RISK APPETITE ON THE RISE
- During the whole year 2023, the EURCHF pair (usually used as a good risk-on/off barometer for FX) was trading under a bearish trendline, registering lower highs and lows. The long-term trend was then bearish.
- However, since the beginning of 2024 we can notice the appetite for riskier assets has significantly grown as the market as suddenly switched direction to go north following a sharp rebound over the 0.9250 zone.
The market first failed to register a lower market bottom. Then it accelerated upward, leading prices to break their long-term bearish trend line and reach the 0.9775/0.9790 zone, a 61.8% fibonacci retracement of the 2023 bearish trend.
Both moving averages are moving higher, following a bullish cross registered in early March.
However, the RSI indicator has shown a bearish break-out of its own bullish trend, following a bearish divergence (in orange) with the market.
- While the situation remains clearly bullish on the long-term, the signals sent by the RSI just as the market hit a significant resistance level, tells us a short-term bearish correction is now due.
The market could pull-back towards 0.9685, while a deeper correction towards 0.9605 and 0.9538 is possible but unlikely.
Once the correction will be over, the 1.0000/1.0010 level should be seen as the main target for investors.
Pierre Veyret, Technical Analyst at ActivTrades
The information provided does not constitute investment research. The material has no been prepared in accordance with the legal requirements designed to promote the independence of investment research and such is to be considered to be a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
- However, since the beginning of 2024 we can notice the appetite for riskier assets has significantly grown as the market as suddenly switched direction to go north following a sharp rebound over the 0.9250 zone.
The market first failed to register a lower market bottom. Then it accelerated upward, leading prices to break their long-term bearish trend line and reach the 0.9775/0.9790 zone, a 61.8% fibonacci retracement of the 2023 bearish trend.
Both moving averages are moving higher, following a bullish cross registered in early March.
However, the RSI indicator has shown a bearish break-out of its own bullish trend, following a bearish divergence (in orange) with the market.
- While the situation remains clearly bullish on the long-term, the signals sent by the RSI just as the market hit a significant resistance level, tells us a short-term bearish correction is now due.
The market could pull-back towards 0.9685, while a deeper correction towards 0.9605 and 0.9538 is possible but unlikely.
Once the correction will be over, the 1.0000/1.0010 level should be seen as the main target for investors.
Pierre Veyret, Technical Analyst at ActivTrades
The information provided does not constitute investment research. The material has no been prepared in accordance with the legal requirements designed to promote the independence of investment research and such is to be considered to be a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
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