EURCHF Accelerates as Bullish Sentiment Prevails

Market Analysis- March 28

EURCHF accelerates as bullish sentiment prevails. With strong bullish sentiment prevailing, buyers are showing no signs of backing down. Trading close to the key level of 0.98430, the Euro market has exhibited remarkable strength and consistency.

EURCHF Key Levels

Resistance Levels: 0.98430, 0.96230
Support Levels: 0.95730, 0.93020

EURCHF Long-Term Trend: Bullish

The bullish momentum of the EURCHF pair has been evident since the end of January, when sellers retraced down to the key level of 0.93020. Since the beginning of February, buyers have taken control and displayed a strong bullish face. In the earlier part of the month, there was a breakthrough above the key level of 0.94280. This further strengthened the bull’s position.

Since the breakthrough above the 0.94280 level, the bull has effortlessly penetrated through multiple market zones. It, however, demonstrates the strength and determination of the buyers. It is only a matter of time before they accelerate towards the 0.98430 price level. A successful bridge above this level, followed by a retest, will instill even more confidence in traders to move forward.

EURCHF Short-Term Trend: Bullish

The MACD (Moving Average Convergence Divergence) indicator is currently trading, with the signal line showing a tendency to bend lower. This may temporarily reduce buyers’ confidence in the market. The RSI (Relative Strength Index) indicates that the strength index is approaching the overbought area. This implies a possible decline in the market, which could assist analysts in devising configurations for forex signals.