EURCHF Fails to Gain More Traction

EURCHF Analysis – Buyers Hope to Fight Back as Accumulation Unfolds

EURCHF fails to gain more traction. It’s been a tough battle for the EURCHF bulls lately, as they have been unable to gain more traction for bullish opportunities. Despite their best efforts, the bulls have been unable to break through the 1.00710 key zone, and the sellers have been able to take control of the price momentum. This has caused a setback for the bullish breakout, and the price has been driven back to the 0.98950 key zone. But the bulls are not giving up just yet. They are still fighting their way back, and we expect to see a positive outcome for the currency pair. With the right pace of momentum and a bit of luck, the EURCHF could be on its way to a positive outcome.

EURCHF Key Zones

Resistance Zones: 1.05270, 1.00710
Support Zones: 0.97240, 0.98950

The recent market activity has seen some strong buying strength come into play after the bearish strength faded off at the 0.94940 key zone. The bears had given a solid long ride from the 1.0520 key zone; however, there were some challenges along the way for the bullish traders. Upon the price arriving at the 0.98950 key zone, the market began to accumulate as sellers kept preventing a pullback. After a long period of price movement, the bulls eventually had a breakout. This provided buying opportunities from the 0.98950 significant level back beyond the parity level.

At present, buyers have pegged their trades below the 1.00710 key zone. However, traders are still anticipating a buildup beyond this key level. The sellers are still challenging buy vigor as the Money Flow Indicator is tagged close to the 40.0 level. The stochastic oscillator hasn’t given much indication yet as the price continues to accumulate on the daily chart. Overall, the market activity has seen some strong buying strength come into play. Market traders are keeping an eye out for further buildup beyond the 1.00710 key level.

Market Expectation

The currency pair keeps accumulating between the key levels of 1.00710 and 0.98950. However, buyers are therefore still optimistic about a breakout in price in the coming days.

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