EURCHF Analysis – Bears Remain Under Attack
EURCHF bears face resistance as buyers launch counterattacks. The buyers have regained control and are pushing back against the onslaught of sellers in the EURCHF market. Initially, the sellers posed a significant threat, driving the price lower.
However, their downward pressure could only take the price down to a significant level of 0.94750. Throughout the week, the sellers maintained a strong presence, but the buyers are currently making a comeback as the week comes to a close.
EURCHF Key Levels
Resistance Levels: 0.98600, 0.96810
Support Levels: 0.94750, 0.94160
Before the sell traders dominated the market this week, trades struggled to maintain balance above the 0.96030 price level. The buyers made multiple attempts to break through the 0.96810 significant level. However, the sellers eventually forced a breakthrough below the 0.96030 level, back into the overall trend line. As the week wraps up, the buyers are closing in with solid gains.
Looking at the Money Flow Index (MFI), it still indicates a negative flow in the market. However, the signal line remains around the 50.00 level, suggesting a potential balance between buyers and sellers. The Moving Average crossing of the 9-day and 21-day periods signals another golden cross. This confirms a bearish setup in the long run for EURCHF.
While the buyers may be holding the sellers back at the moment, the market remains bearish for now. In the short timeframe, the bears are being challenged to push the price lower back to where they were previously rejected. Simultaneously, the buyers are trying to maintain equilibrium in the market.
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