Market Analysis – EURCHF Faces Consolidation
The pair is passing through a period of consolidation as the bulls have decided to cool off after trading at high levels for some time. The recent price action suggests that the bulls have been held off at the 0.98430 significant level, while the sellers have made only a few attempts to turn the situation around.
EURCHF Market Levels
Resistance Levels: 0.98430, 0.97100
Support Levels: 0.95090, 0.94200
The bulls in the EURCHF pair have maintained a strong presence since the start of February, rising from the 0.94200 significant level. However, their momentum has slowed down as they reached the 0.98430 market level. The buyers have not been able to cross this level, indicating a loss of market strength.
On the other hand, the sellers have not shown a strong market reversal either. With the failure to breach back below the 0.97100 key level, the market impulse has flattened. This suggests a period of consolidation where neither the buyers nor the sellers have a clear advantage.
Market Expectation
While the buyers may be rejected at the 0.98430 market level, they are still lingering and trying harder to regain control. The Parabolic SAR (Stop and Reverse) indicator holds price focus above the buy side, indicating that the buyers still have the potential to push the price higher.
However, it’s important to note that the buy pressure has flattened and the bulls are taking a breather. This could mean that the buyers need to regain the upper hand and regain their momentum to continue their pursuit.
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