EURCHF Sellers Struggle to Hold Ground

EURCHF Analysis: Buyers Hope to Push Price Up

EURCHF sellers struggle to hold ground. The pair failed to put on an exciting show this time. It has been trading sideways for the past week, with neither the bulls nor the bears gaining a decisive edge.

EURCHF Key Levels

Resistance Zones: 0.98790, 0.97520
Support Zones: 0.95100, 0.96570
The buyers have shown remarkable resilience and have defended every sell-off attempt by the bears. The pair has bounced back from the 0.95100 key support level several times. This indicates strong buying pressure at this level. The buyers are hoping to push the price higher and challenge the 0.96000 resistance level.

The bears, on the other hand, have struggled to gain ground as buyers keep showing strength at every interval. The 0.95100 market level has not been surpassed yet, and sellers are still desperate to do so. The sellers anticipate a chance for a breakthrough if they can break below this level.

Next week may be an exciting one if sellers show what they are made of. Nevertheless, the bulls remain in touch to counter the narrative. The momentum indicator is not showing any impulse moves yet on the daily chart. It therefore demonstrates that the market is waiting for a catalyst to spark a directional movement. The indicator is hovering around the 50 level, which indicates a balanced market sentiment.

Market Expectation

On the 4-hour chart, traders should look out for price expansion in the days to come. The Bollinger Band indicator is narrowing significantly, indicating that a breakout is imminent. The price may therefore break below the 0.95100 key level.

Note: Forexschoolonline.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.