EURCHF Analysis – Bulls Seek out More Expansion
EURCHF bullish dominance continues. The market sentiment has remained bullish for the past month, with buyers gaining momentum after bouncing off the key level of 0.93150.
EURCHF Key Levels
Resistance Levels: 0.96400, 0.95690
Support Levels: 0.95170, 0.94680
The bullish liquidity in the market has continued to expand, with buyers pushing the price higher. The first significant level that was overcome was 0.94680, which was successfully crossed last month. Sellers attempted to reverse the bullish trend at each significant level, but they were unable to succeed. Instead, they could only manage to create temporary pullbacks before the price continued its upward trajectory.
This week, the buyers managed to pull the price up to the key level of 0.96400. However, the price later revisited the market zone at around 0.95690. Despite this temporary setback, the buyers are once again heading towards a significant level of 0.96400. There is a high likelihood of them achieving a breakout.
It is important to note that if sell traders manage to penetrate deeper, the price could experience a pushback. One key indicator to consider is the stochastic oscillator, which has been showing an overbought signal for some time. Additionally, the Moving Average Convergence Divergence (MACD) indicator is trading around its climax. Although these indicators may not provide a clear direction, forex signals can play a crucial role in guiding traders.
Market Expectation
In the short time frame, the EURCHF market continues to exhibit bullish dominance, with buyers showing resilience. Despite temporary setbacks, the buyers are once again heading towards a significant level of 0.96400, and a breakout is highly likely.
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