EURCHF Analysis – Sellers Struggle to Breach Further
EURCHF price remains settled below the 0.96800 market level. This week, the bears have not been able to perform as well as they would have liked. Despite this, the currency pair’s status still indicates a bearish trend in the market. The sellers have been actively trying to push the market down even further. Despite their efforts, the euro market has remained strong. Initially, the sellers attempted to breach the significant market zone of 0.96800.
EURCHF Market Zones
Resistance Zones: 0.97460, 0.98670
Support Zones: 0.96800, 0.95050
However, the buyers were able to push the price above this level. Since then, the price has remained steady and settled between the key levels of 0.97450 and 0.96800. It remains to be seen if the bearish trend will continue or if the euro market will be able to maintain its strength.
The EUR/CHF currency pair has been experiencing a bearish trend since the beginning of this year. The price has not been able to move beyond the key level of 1.0000, which has allowed the sellers to gain more control over the market. The selling pressure has pushed the price down from the 1.00410 price zone to the current level of 0.96800, which is about to be penetrated by the sellers. Despite the buyers’ efforts, the trend is expected to continue downward. The Chaikin indicator is currently running between the origin level and the key level, which indicates that the price is maintaining a steady pace above the 0.96800 key level.
On the 4-hour chart, the market has no clear sign of a breakout as sideways movements remain perceptible. The sellers in the EURCHF market are skimming out for a breakout in price. However, buyers are still keeping in touch, as this implies that a ranging market may continue before a sell-off in the days to come.
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