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EURCHF Analysis – September 6
EURCHF fights back to rise and hold above the 0.97200 critical level. Towards the end of last month, the market was condemned to its lowest ever price level. This has, at the very least, stirred up the buyers to redeem themselves. As a result, from the 23rd of August, the market fights back from the 0.95550 support level, breaking the 0.96140 barrier and spiking the price past the 0.97200 significant level. EURCHF has remained above that level since then.
EURCHF Key Levels
Supply Zones: 0.99760, 1.04950
Demand Zones: 0.95550, 0.97200
EURCHF Long-Term Trend: Ranging
EURCHF buyers are trying to wrestle the market away from its current bearish orientation. The bearish orientation has been consistent since the beginning of the year. Even when the buyers grouped at the beginning of the year to redirect the market, they were only successful till mid-June. Immediately there was a perceived weakness among the buy-traders, the price snapped back to its bearish orientation.
Afterwards, the market plunged to an all-time low level. Nevertheless, the buyers are pumping themselves to push the price higher. They’ve succeeded in lifting the market above 0.92700. There is a dramatic rise of the EFI (Elders Force Index) powerline right above the zero level. Though there is now a slight drop below the zero level. Also, the MA period 20 (Moving Average) has dropped below the daily chart.
EURCHF Short Term Trend: Bullish
The 4-hour chart shows that market is working hard to hold above the 0.92700 level now acting as a demand level. Bullish reversal candlesticks can be seen as the price bounces upward from the demand level. The EFI powerline is approximately around equilibrium, which gives the buyers a chance. The MA period 20 will be breached so that the price will rise to 0.99760.
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