EURCHF Bulls Launch Attack on 0.9840 Supply Zone After Bullish Resurgence

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Market Analysis – May 15

EURCHF has seen limited progress following its resurgence from 0.9560, with the market characterized by small candles above the 0.9700 demand level. Recent days, however, have witnessed heightened volatility as the currency pair approaches the 0.9840 Supply Zone.

EURCHF Key Levels

• Demand Levels: 0.9700, 0.9560, 0.9500
• Supply Levels: 0.9840, 1.0000, 1.0080

EURCHF Long-Term Trend: Bullish

The market experienced a steady ascent throughout February and March, propelled by dominant buying pressure as indicated by the Bull and Bear Power indicator. However, the ascent was curtailed at the 0.9840 supply level, triggering a pullback.

Following the rejection at 0.9840, instead of a gradual pullback, the price swiftly plunged to 0.9560 before rebounding rapidly. Notably, within the same trading session, the price opened and closed above 0.9700 after briefly dipping to 0.9750, forming a hammer candlestick pattern.

Despite the resurgence, the bulls struggled to breach the 0.9840 resistance level, leading to another retreat at the supply zone and subsequent consolidation.

EURCHF Short-Term Trend: Bullish

Analysis of the 4-hour chart indicates a ranging market, with the ‘Bull and Bear Power’ indicator hovering slightly above zero, suggesting increased bullish momentum. This has contributed to bullish sentiment, indicating bullish forex signals targetting the high of 0.9840 shortly.

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