EURCHF Finally Begins Correction Phase From the 1.03270 Key Level

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EURCHF Price Analysis – December 11

EURCHF finally begins a bullish correction phase from the 1.03270 key level. There has been a long-drawn bearish regime in which buyers were completely sidelined, having negligible influence in the market. However, from early December 2021, EURCHF began responding to the buyers, and this was demonstrated by the breakout of the market from the descending channel that had ushered it down to over a 5% price decline.

EURCHF Key Levels

Resistance Levels: 1.04450, 1.05040, 1.09320
Support Levels: 1.03360, 1.03680, 1.03930

EURCHF Long Term Trend: Bullish

The price broke out of the descending channel on the 6th of December, rebounding off the 1.03710 price level with a bullish engulfment pattern. However, the market was unable to grow past the 1.04520 supply line. EURCHF would keep fluctuating between these key levels till the very end of the year when the price dropped below 1.03710 but immediately bounced back up. By the new year, buyers were fully empowered and price finally begins a recovery, dashing past the 1.04520 supply line.

The RSI (Relative Strength Index) typifies the strength in the bulls’ camp. Its signal line has risen, hovering above the oversold region border, approaching the overbought border in just a short space of time. The Moving Average Cross has confirmed the upturn in market fortunes by showing a cross of the Moving Averages.

EURCHF Short Term Trend: Bullish

On the 4-hour chart, the market has now hit the first major resistance in its correction phase at 1.05100. A retracement is now ongoing before the price can drive at the resistance again. The RSI indicator has its signal line dropping from an overbought region. The MA lines are situated below the 4-hour candles to aid the continuation of the market’s correction phase. EURCHF is expected to break through the resistance at the second time of trial on its way to 1.06070.

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