EURCHF Sellers Maintain Control as Buyers Face Uphill 

EURCHF Analysis – Bears Seek to Maintain a Stronghold 

EURCHF sellers maintain control as buyers race uphill. EURCHF continues to be dominated by sellers, leaving buyers struggling to gain momentum. The sellers have shown no signs of relaxation for several weeks. Nevertheless, the bulls have been facing challenges in staging a revival for months. The bearish force has made deep penetrations, but they may soon reach their limit.

EURCHF Key Levels

Resistance Levels: 1.0000, 0.98670
Support Levels: 0.96990, 0.94000

The bears have traded near the trendline channel, but any further progress is expected to reach only the significant level of 0.92000. This suggests that buyers could once again face the possibility of forming a lower high. Throughout this year, the influence of the bears on the EURCHF price has been stronger. The pair has been on a downward charge since being deflected at the parity level last year.

Despite the dominance of the sellers, the buyers can still put forth considerable effort to fight back. Their first challenge is to break through the price zone of 0.94000. If they manage to achieve this, their next target is the upper side of the trending channel. A significant breakthrough above the level of 0.96990 would indicate a victory for the buyers in 2024. The price of EURCHF remains volatile, influenced by the RVI (Relative Volatility Index) which favors the bearish side.’

Market Expectation

To gain an advantage, the buyers will need to display vigor and determination to break through the current selling pressure. While the sellers maintain control, the buyers still have the potential to stage a comeback. However, this will require significant effort and breakthroughs at key levels.

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