EURCHF Fails to Take Out Its Previous High
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EURCHF Fails to Take Out Its Previous High

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Azeez Mustapha

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Market Analysis – March 28

On the daily timeframe, EURCHF remains bearish. Lower lows have continued to form after the swing high formed in January.

EURCHF Key Levels

Demand Levels: 0.9850, 0.9800, 0.9710
Supply Levels: 1.0000, 1.0050, 1.0010

EURCHF Fails to Take Out Its Previous High

EURCHF Long-term Trend: Bearish

The EURCHF market formed a range all through December. The sideways distribution of the daily candles revealed the low volume of transactions in the forex pair during the last month. The Moving Averages (Periods nine and twenty-one) also revealed this by crossing sideways during the period.

As the new year started, volatility was injected into the market. Five consecutive bullish candles lined up to reach 1.0050 from 0.9850 before a correction followed. A lower high appeared before January passed. The bearish trend line anchored on January’s high is still respected on the daily timeframe. In March, the Stochastic indicated the market was overbought at the test of the descending trendline. Shortly after, the RSI (Relative Strength Index) indicated the market was bearish. As the daily candles dived to the 0.9710 demand level, the Bulls seized the opportunity for a launch.

EURCHF Fails to Take Out Its Previous High

EURCHF Short-term Trend: Bearish

The market has tested the bearish trendline again this month. The Stochastic is recovering from the overbought region as the RSI is indicating bearishness. The price is expected to decline to 0.9800.

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