EURCHF Annual Forecast – Price Stabilizes Above the 1.03160 Support Level
The annual forecast for EURCHF is for the price to stabilize itself above the 1.03160 support level. The year 2021 was a year characterized by mostly bearish activity in the EURCHF market. This is chiefly due to the price working in accordance with its formation of a head-and-shoulders pattern. Therefore, the market’s continual fall from April 2021 to November 2021 was to perfect the head-and-shoulders formation.
EURCHF Significant Zones
Resistance Levels: 1.11600, 1.14340, 1.19980
Support Levels: 0.97280, 1.03160, 1.06250
EURCHF Long Term Plan: Bearish
EURCHF had a huge drop off the 1.19980 significant level in January 2015. This is a corrective measure to the imbalance caused in the market by an upsurge from August to September 2011. Therefore, after the dip in price, EURCHF stabilizes itself above the 1.03160 support. From here, it rises through to 1.11600. Price retests 1.06250, forming the first shoulder before pushing higher to 1.19980.
Strong rejection at 1.19980 led to a major drop back to 1.06250, which created the head session. EURCHF tries to rise again, but the weakness of the market prevented it from surpassing 1.11600. This led to further drops, creating the head-and-shoulders pattern. The price has now plunged to 1.03160, where it is stabilizing itself. The market pattern is still in force and the forecast is for further drops. A fresh downward cross of the MA (Moving Average) Cross confirms this.
EURCHF Medium Term Plan: Bullish
EURCHF is currently stabilizing above the 1.03160 level on the weekly chart. This is giving the bulls some impetus in the market. And it can be seen in how the EFI (Elders Force Index) power line is rapidly reducing its negative value. The market pattern remains in bearish force though, as suggested by the MA Cross which is still downward. As a result, the current bullish impetus is most likely going to lead to a retest below 1.06250 before further drops towards 0.97280.
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