EURCHF Is Pushing Strongly Against the Weekly Support Level

EURCHF Price Analysis – October 19

EURCHF is pushing strongly at the 0.07010 weekly support level. This happened after price slipped on the 30th of September. Thereafter, the market kept falling, thereby breaking below the 1.07390 significant support level. Subsequently, EURCHF has been fluctuating around the 1.07230 price level and has been prevented from rising by the 1.07390 resistance level.

EURCHF Key Levels

Resistance Levels: 1.07390, 1.07830, 1.08360
Support Levels: 1.07230, 1.07010, 1.06720
EURCHF has been pushing for upward movement since dropping from the 1.09890 significant level. In falling from 1.09890, price violated several key levels in a free fall till it got to 1.08200. The market fluctuated at this level for about 12 trading days before it pushed below it to get to 1.07230. Since then, EURCHF has been pushing to recover back upwards.

The 1.08200 represents a major pivot level for the market. It prevented EURCHF from climbing above it. When the price finally broke above the level, it kept the market afloat until it pushed down against it and broke through. Thereafter, the price slumped directly to 0.07010 and has been consolidating between this level and the 1.07390 resistance. The MACD (Moving Average Convergence Divergence) shows price as predominantly bearish as both bars and line are below the zero level.

Market Predictions

The MACD of the 4-hour time frame shows that the market is recovering upward despite its continuous consolidation movement. Green histogram bars have been displayed since the 14th of October, and the lines have just crossed the zero level. Furthermore, the Parabolic SAR (Stop and Reverse) has now displayed two dots below the 4-hour candlesticks to confirm a current push-up in the market.

The market will aim for 1.07830 if it successfully breaks out of consolidation.

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