EURCHF Begins Consolidation; Price Expected to Rise Afterwards

EURCHF Analysis – September 13

EURCHF begins consolidation above the 0.96140 significant level. The market recently experienced a downward tenure which touchdown to record a new low level at 0.95550. From there, the bulls have been pushing their weight to raise the price back to a higher significance level. The 0.98360 critical region is constituting a barrier to the upward flow and hence, the price begins a sideways motion.

EURCHF Key Zones

Supply Zones: 0.98360, 0.99760
Demand Zones: 0.96140, 0.95550
The effort of the bulls was unable to hinder the crash that EURCHF was stuck in. Not even a disruptive strategy executed from early December 2021 to mid-June 2022 could hinder the fall, as soon as the strategy was over, EURCHF resumed its fall with greater intensity. This culminated in EURCHF dropping to a new record low price at the 0.95550 significant zone.

After these series of events, the selling tendency of the market was eased, thereby allowing the buyers to execute some changes to the market level. Therefore, the price bounces right off the 0.95550 support and created a solid base at the former support of 0.96140. Further attempts to rally were stopped at 0.98360. Currently, EURCHF is dropping back to the key zone at 0.95550 demand level.

Market Expectation

On the higher time frame chart (daily), the market has gyrated to the downside of the EMA period 24 (Exponential Moving Average) after rejection at 0.98360. This is the same as on the 4-hour time frame. The MACD (Moving Average Convergence Divergence) strings on the higher time frame (daily) has stopped short of rising above the zero mark and is about to turn downward. They have crossed downward on the 4-hour chart. The price is expected to turn back upward at 0.95550.

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