EURCHF Enters Into a Ranging Phase to Gather Momentum

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EURCHF Analysis – October 11

EURCHF enters into a ranging phase as the market’s buyers are trying to gather momentum to rise out of a depressed state. The buyers have been ineffective in stopping the currency pair from plunging to a record low. However, since the sellers are taking a breather, the buyers are utilizing the opportunity to strengthen themselves to push the market to a respectable price level.

EURCHF Critical Levels

Resistance Levels: 0.98360, 1.01010
Support Levels: 0.96140, 0.94000

EURCHF Long Term Trend: Ranging

After the failed attempt to interrupt the buyers in the falling market in the 2nd half of the year, the price eventually drops hard. Further attempts to temper the drop in the currency were ultimately unsuccessful. The resistance level at 0.98360 blocked the last-minute increase in price. This all led to a record market low of 0.94000.

Having reached this level, the selling activity reduces in intensity, which allows the buyers to have some control over the market. The 0.98360 resistance remains impervious, but the market now assumes ranging mobility with 0.94980 acting as the support. Currently, the currency pairs are trading above the MA period 30 (Moving Average).

EURCHF Short Term Trend: Bearish

The immediate action of the price is in a downward direction as the price continues to undulate. The candlesticks have traded to the downside of the MA period 30 on this chart. Also, the RSI (Relative Strength Index) line that is above the middle line on the daily chart has slightly dropped below it on the 1-hour chart. The market is bearish and will look to bounce off the $0.00949800

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