{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/forexschoolonline.com\/eurchf-plummets-to-a-6-year-low-after-breaching-a-strong-weekly-support\/#BlogPosting","mainEntityOfPage":"https:\/\/forexschoolonline.com\/eurchf-plummets-to-a-6-year-low-after-breaching-a-strong-weekly-support\/","headline":"EURCHF Plummets to a 6-Year Low After Breaching a Strong Weekly Support","name":"EURCHF Plummets to a 6-Year Low After Breaching a Strong Weekly Support","description":"EURCHF Analysis – Price Plummets Through the 1.05300 Support Level EURCHF plummets to a 6-year low after violating the 1.05300 strong support. The market’s bearishness has increased in momentum over the past 4 weeks. This sees price break lower than its current downtrend line. However, there is strong opposition to the fall of the market […]","datePublished":"2021-11-19","dateModified":"2021-11-19","author":{"@type":"Person","@id":"https:\/\/forexschoolonline.com\/author\/jonfox\/#Person","name":"Johnathon Fox","url":"https:\/\/forexschoolonline.com\/author\/jonfox\/","identifier":1,"description":"Johnathon is a Forex and Futures trader with over ten years trading experience who also acts as a mentor and coach to thousands and has written for some of the biggest finance and trading sites in the world.","image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/d0b589a007c132efe23124c05a02b68524844c0089401129bd50bc12ee59d3a9?s=96&d=monsterid&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/d0b589a007c132efe23124c05a02b68524844c0089401129bd50bc12ee59d3a9?s=96&d=monsterid&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Forex School Online","logo":{"@type":"ImageObject","@id":"https:\/\/www.forexschoolonline.com\/\/wp-content\/uploads\/2018\/09\/FSO-Transparent-logo-gr.png","url":"https:\/\/www.forexschoolonline.com\/\/wp-content\/uploads\/2018\/09\/FSO-Transparent-logo-gr.png","width":240,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/forexschoolonline.com\/wp-content\/uploads\/2021\/11\/EURCHF-1Day-2.png","url":"https:\/\/forexschoolonline.com\/wp-content\/uploads\/2021\/11\/EURCHF-1Day-2.png","height":747,"width":1801},"url":"https:\/\/forexschoolonline.com\/eurchf-plummets-to-a-6-year-low-after-breaching-a-strong-weekly-support\/","about":["Article","Article-com","charts","EUR\/CHF","Featured Articles","FX Technical Analysis","Price Action Charts in Focus","Support & Resistance","Survey","Trade Idea","Trade Setups"],"wordCount":322,"keywords":["Daily Chart","EURCHF","Market Anticipation","Price Action","Technical Analysis"],"articleBody":"EURCHF Analysis – Price Plummets Through the 1.05300 Support LevelEURCHF plummets to a 6-year low after violating the 1.05300 strong support. The market’s bearishness has increased in momentum over the past 4 weeks. This sees price break lower than its current downtrend line. However, there is strong opposition to the fall of the market at 1.05300. But in the end, bears upped their game and forced the market below the support as the price plummets to a 6-year low.EURCHF Key ZonesResistance Zones: 1.09330, 1.10050, 1.11130Support Zones: 1.06980, 1.05300, 1.04010Price began a solid descent after failing at 1.11130, and from there, everything has been downward. Not even a forceful intrusion from the buyers on the 4th of October around the 1.06980 support could derail the bearish agenda. However, in addition to the strong opposition to the fall of the market at 1.06980, sellers also found strong opposition at 1.05300. But in both instances, after several days of accumulation, the market plummets downward.EURCHF has now dropped further after over 10 trading days of consolidation at the 1.05300 support level. As a result, the market remains severely oversold as the Stochastic Oscillator lines have remained in the oversold region for up to a month now. The MA period 50 (Moving Average) remains above the market as it continues to be bearish. The price is predicted to drop further to reach 1.04010.Market ExpectationsOn the 4-hour chart, the candlesticks can be seen to be gyrating downward above the middle line of the descending channel. However, the price has fallen below the middle line in the last 8 hours, and bears are aiming to crash through the next key level at 1.04010. The MA period 50 remains above the market, and the Stochastic Oscillator is at the border of the oversold region. This shows that EURCHF is strongly bearish.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."}