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EURCHF Analysis – August 23
EURCHF dips to its lowest level ever, which is just a marginal distance from its previous all-time low at 0.96140. It happened after the sellers maintained their aggression to shrug off attempts by the buyers to balance the market. There is now a temporary stop at the new lowest level at $0.95550, and it remains to be seen if the buyers are now strong enough to compete with the bears for market dominance.
EURCHF Key Levels
Supply Zones: 0.99760, 1.01010
Demand Zones: 0.96140, 0.95550
EURCHF Long-term Trend: Bearish
After a period of turbulence in the market where the bulls and bears squared up to each other, the price dips to 0.95550 new all-time low. There is now a temporary stop in the market. Nevertheless, this is not the first time that the downward slide of the price has been halted. In the most recent cases, the market continued its plunge after that temporary stop.
The Parabolic SAR (Stop and Reverse) has its dots firmly stationed above the daily candles. Also, the MACD (Moving Average Convergence Divergence) lines have plunged deep below the zero level. This shows a strong bullish affair. Nevertheless, at the time of writing, a bullish candle had been forced, which is a sign of the buyers’ reaction to the dire state of the market. The market investors will be hoping to build on this restart.
EURCHF Short-term Trend: Bullish
In the short term, the price has bounced off the 0.95550 support level, showing reversal candlesticks. EURCHF is now trying to negotiate the $0.96150 level, which is its former all-time low. The MACD lines are still below the zero level, but they have now crossed in anticipation of an upward movement. The Parabolic SAR also switched its dots to below the candles. If the market doesn’t keep falling, the buyers will have to contend with the 0.99760 key level.
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