EURCHF Bulls Push the Market up Using a Double Bottom Chart Pattern

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EURCHF Price Analysis – September 8

EURCHF bulls push the price up using a double bottom chart pattern. This effect a reversal of the market direction, putting a stop to the decline in price. The gradual fall in price stretches as far back as the 4th of March 2021, after EURCHF surged to the 1.11550 key level. Despite the gradual decline in the market, price remained in an uptrend till it broke through the uptrend line on the 8th of July 2021.

EURCHF Key Zones

Resistance Levels: 1.09970, 1.11550
Support Levels: 1.08340, 1.07200

EURCHF Long Term Trend: Bullish

Bears dropped with great intensity to break the downward trend line, after which the market lost some momentum. It then consolidated above the 1.08340 level before bears revived to plunge the market further. Price fell back to retest the 1.08340 level before plummeting to 1.07200, a strong weekly support level. The support level bounced the market up immediately.

Price was rejected at 1.08340, cutting the price rally short, but bulls regrouped at the 1.07200 weekly price level to pump the market again. This upward move forged the market into a double bottom pattern, which has now broken past the 1.08340 resistance level. In so doing, price is now trading close to the upper band of the Bollinger Band, with its middle line acting as support. The Moving Average Convergence Divergence currently shows strong bullish histogram bars and its lines are upward abounding to show that the market is full of bullish vigour.

EURCHF Short Term Trend: Bullish

The 4-hour chart shows that there was a brief period of consolidation at the 1.07200 support level before price rose a second time. And in rising, the market has been bouncing on the middle line of the Bollinger Band on its way upward. However, in the past 12 hours, price fell through to the lower Bollinger band, which has, in turn, pushed it up and above the upper Bollinger Band.
The MACD bearish bars indicate that the price experienced a temporary blip in momentum but is now recovering, as evidenced by the most recent rising bullish bars. Meanwhile, the MACD lines remain high above the zero level, and there is a further cross upwards.

The market retains its strength and will now look to reach 1.09970.

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