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 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 Short Term Trend: Bearish
EURCHF Short Term Trend: BearishThe 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.
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