EURCHF Bulls Have Run Out of Steam to Continue Their Rally

28 September 2021 | Updated: 28 September 2021

EURCHF Price Analysis – September 28

EURCHF bulls have run out of steam in their bid to take the market upward. This comes after the market had powered through the 1.08190 barrier. Signs of weakness for the bulls began to surface at 1.09000. Price immediately dropped back to find support on 1.08190. EURCHF fluctuated in this zone for the next 6 days before it pushed above it, only for the bulls to tire out and drop the market once more below 1.08190.


EURCHF Key Levels

Resistance Levels: 1.09000, 1.09970
Support Levels: 1.08190, 1.07200

EURCHF bulls
EURCHF Long Term Trend: Ranging

The reason for the belabored activity of the bulls is because they are trying to drive the market against the immense bearish pressure the EURCHF has been consistently subjected to for the past 5 months. The bulls only began their campaign on the 9th of August. The initial effort to lift the market was rebuffed just around that same 1.08190 key level. Therefore, much energy had to be expended on the second trial.

Having powered through the 1.08190 critical level, bulls are left struggling to continue the campaign. Currently, the price has dropped back to 1.08190, and in the process, also dropped below the MA period 20 (Moving Average). The RSI (Relative Strength Index) indicator shows that the current state of the market on the daily chart is in equilibrium, having dropped around the 50 mark of the RSI chart. The market is left to who wants it more – buyers or sellers?

EURCHF bulls EURCHF Short Term Trend: Bearish

The market continues in a sideways trend on the 4-hour chart. Price can be seen undulating up and down the MA period 20 in the process. The RSI of the 4-hour chart also depicts a wavy movement of its signal line, however, below the middle line. This gives a bearish bias to the market at the moment, which means price could drop back to 1.07200. New momentum for the bulls could push the market to a retest at 1.09000, which could push price up to 1.09970. A drop looks more likely.

You can purchase crypto coins here: Buy coins

Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.