EURCHF Bulls Press On in Bullish Foray

EURCHF Price Analysis – September 14

EURCHF bulls press on with their bullish sentiment. The market overturned the decline in price which had ravaged the market for several weeks when it touched down at 1.07200 on the 5th of August 2021. The new rally was initially resisted at 1.03480, but a strong rebound from the 1.07200 support helped the bulls press beyond 1.08340. This move formed the market into a double bottom formation.

EURCHF Important Zones

Resistance Zones: 1.09970, 1.09000
Support Zones: 1.08340, 1.07200

EURCHF Long Term Trend: Bullish

The current bullish rally is a direct reversal from the bearish slide which the market experienced several weeks earlier in the year from the 3rd of March 2021. It was the drop beyond the uptrend on the 8th of July that triggered the bulls to start taking action towards recovering the market. The very first point of opposition came at the 1.09340 support, but the downward pressure pushed it through. But this was not to happen, as the next support level was at 1.07200.

The 1.07200 support’s influence had reached 1.06780, so it was thick enough to push price back upwards, as it had in the past. NZDUSD has now been pushed by the double bottom chart pattern above the 1.08340 key level. Price has dropped back to retest the level to press higher. The signal line on the Relative Strength Index indicator has bounced off the middle line to shoot upwards.

EURCHF Short Term Trend: Bearish

The market is now dropping for the second time after hitting 1.09000. The second drop will lead the price to a second retest of the support at 1.08340. which will then push the price higher. Both the RSI and the Stochastic Oscillator acknowledge the current market retracement. The Stochastic Oscillator, in particular, has dropped from the overbought region to the 50 level and it is set to drop lower as the price falls for a retest at 1.08340.

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