Market Analysis – April 11
The EURCHF market continues to respect the resistance trendline anchored on the current year’s high at 1.0090. The bearish trendline has successfully prevented an ascent in EURCHF’s market after multiple tests.
EURCHF Key Levels
Resistance Levels: 0.9890, 0.9970, 1.0060
Support Levels: 0.9850, 0.9780, 0.9720
EURCHF Long-term Trend: Bearish
The EURCHF market found support in November after pressing on the lower Bollinger band and the support level of 0.8720. The Stochastic Oscillator indicated the end of the pullback. A price surge from the support level followed. The price rose rapidly to the supply level of 0.9890. Consolidation abounded in December. It was obvious from the momentum indicator that the market had lost momentum to rally. After the test of the supporting band of the Bollinger on the 29th of December, Buyers gained momentum. The market experienced a bullish displacement to 1.0090 in January.
The high of 1.0090 in January has remained the market’s peak this year. The ascending trendline on the daily chart failed to hold on the 7th of February. Subsequent highs have aligned orderly below one another. The swing highs have been anchored perfectly on a bearish trend line.
EURCHF Short-term Trend: Bearish
The Stochastic Oscillator is already oversold on the daily chart as well as the 4-hour chart. A pullback to the bearish trendline is currently anticipated.
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