EURCHF Breaks the 0.98360 Market Cap

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EURCHF Analysis – October 25

EURCHF breaks the 0.98360 market cap. The market has been reworking itself to recover from a disastrous spell that happened over a month ago in which the price plummeted to its lowest point ever. The buyers used the opportunity to formulate the market into an inverted head-and-shoulder chart formation. It has been trying out according to plan EURCHF is strongly bullish and breaking the 0.98360 cap.

EURCHF Critical Zones

Supply Zones: 0.98360, 0.99760, 1.01010

Demand Zones: 0.96140, 0.94980, 0.94000

EURCHF Long-Term Trend: Bullish

EURCHF suffered the most depressing spell since its inception in September. The buyers lost control of the price and there was a free fall of the market to its lowest-ever point at 0.94000. At this point, the sellers became tired and gave the bulls the opportunity to recover. The buy-traders have taken the opportunity with both hands. The price was structured into an inverted head-and-shoulder bullish formation. 
With that structure, the buyers have now broken the 0.98360 key level, which acted as a limit to the rise of the coin. The market is still very bullish and is set to scale new heights. This is seen in the Momentum indicator which is uptrending and has created a higher high and low. There is also a long line-up of Parabolic SAR (Stop and Reverse) dots below the daily candlesticks.

EURCHF Short-Term Trend: Bullish

The coin bounced off the 0.96580 support level before going strongly against the 0.98360 market cap which also doubles as the neckline of the inverted head-and-shoulders formation. The price has broken off some shackles, so to speak, and it has less weight, leaving it to freely and strongly push through several key levels. Its immediate target is 1.03270.

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