USDCHF Market Is Now Set in a Tussle Between the Buyers and Sellers

USDCHF Analysis – The Market Is Set in a Tussle Between Buyers and Sellers

USDCHF market is now locked in a tussle between the buyers and sellers after the price tumbles down from above 1.00600. The buyers have worked hard to move the price up to that level, dating back to May. USDCHF eventually forces its way beyond the key level and the main resistance at 1.00000 (that extends to 1.00600). However, the market fails to hold above this level and hits a swift descent that sees it tumble below 0.95300.

USDCHF Critical Levels

Supply Zones: 1.00000, 0.98580, 0.95300
Demand Zones: 0.93770, 0.93350, 0.92740

A significant period in the market was between July and October. This was the time when the market converted a slip below the 0.95300 key support level to a double bottom bullish structure. This structure helps the currency maintain a persistent drilling posture below the 1.00000 – 1.00600 resistance level until it breaches the zone.

The buyers had built up so much momentum in breaking through the resistance that they were completely exhausted when they finally did. The sellers wasted no time in undoing all of the work. The price was beaten down below 0.95300. At this point, the buyers have revived the market and are battling with the seller not to drown it further. A long line of Parabolic SAR (Stop and Reverse) dots outlines the effect of the sellers on the market.

Market Expectation

The EFI (Elders Force Index) power line is attempting to return to a positive value, but it has been beaten down recently. It has even risen above the zero level on the 4-hour chart but has plunged back into the negative. This is a sign of an ongoing tussle between the buyers and the sellers. As a result, the current general trend of the market is sideways and undulating. The Parabolic SAR dots are alternating around the candles on the 4-hour chart.

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