EURCHF Annual Forecast – Price Is Set to Continue With a Bearish Decline
The annual forecast for EURCHF shows that the price is set to continue with a bearish decline in the year 2022. This implies that the general trend of the market will be in the seller’s favor. The sellers’ building up of price influence in the market will therefore cause the price movement of the market to push lower as the momentum increases. This is a result of the bears’ determination to cause a decline in the propensity of the market.
EURCHF Price Levels:
Resistance Levels: 1.62900, 1.43400
Support Levels: 1.23700, 0.97900
EURCHF Long Term Plan: Bearish
The bearish potency ensued right after a price movement below the 1.62900 price level in the year 2008. The bears have since then continued to wage a decline downward as price propulsion increases. The price first brushes down through the 1.43400 price level before breaking through other important zones in the market. The buyers’ failure to push the price influence upward is a result of the low impetus.
As the price level decline continues, the EURCHF market finally got to its lowest low in the year 2015. However, the market has since then continued to range between the levels of 1.23700 and 0.97000. The Bollinger Band indicator observed price movement following the price decline as the bears pushed further down.
EURCHF Medium Term plan: Bearish
On the weekly time frame, the price is constantly trading downward in bearish moments. The bears have made a price decline from the 1.62900 price level and are, however, expected to push the price level to the 0.97900 level of significance in the coming months. The bulls are currently displaying price movement and may retest the middle band of the Bollinger Band before declining. The Moving Average Convergence Divergence indicator shows that the market’s weekly trend in 2022 will tend to be more bearish.
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