EURCHF Analysis – Prices Struggle Around the 0.98750 Key Level
EURCHF bulls struggle to push forward in the market. Over the past few days, the currency pair has been unyielding, resulting in price accumulation. Despite their efforts, the bulls have been unable to keep up with price momentum. Since the start of the year, the EURCHF has been consolidating between the 1.00470 and 0.98750 key zones. In the last week, sellers failed to break through the 0.98750 key zone. However, they still have the potential to cause a penetration in the coming days as the MACD (Moving Average Convergence and Divergence) is taking a negative slope trend.
EURCHF Key Levels
Resistance Levels: 1.02830, 1.00470
Support Levels: 0.98750, 0.94990
The bearish descending from a strong order level at the 1.02830 key zone is unmistakable. This bearish trend was met with a large mushrooming of activity, which is a testament to the strength of the trend. The bearish race eventually ended at the old low of the 0.94990 key zone, after which key price levels were surpassed. The buyers at the 0.94990 key zone were quite determined, as they began to challenge the selling coercion. This determination paid off, as the price was able to surge upward to the 0.98750 key zone. This is a remarkable achievement and shows the strength of the buyers in this market.
Overall, the bearish descent from the 1.02830 key zone was an impressive feat, and the buyers at the 0.94990 key zone were able to challenge the selling coercion and push the price up to the 0.98750 key zone. The Stochastic Oscillator is trading at the 0.00 level in the market. The Moving Average crossing is still pointing out a bearish extension on the daily chart. Following the bullish fight in the consolidation market, sellers are more likely to prepare for a breakout, which will trend below the 0.98750 key zone.
The bulls are opposing any selling influence on the EURCHF price. This will therefore result in more consolidation in the market. The MACD keeps reacting to every buying opportunity as buyers are looking for more buying opportunities in the market. However, sellers are more likely to push prices lower below the 0.98750 market zone in both the short and long term.
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