EURCHF Is Being Forced to Consolidate Above the 1.03930 Level

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EURCHF Price Analysis – December 25

EURCHF is being forced to consolidate above the 1.03930 significant level. The market is finally enjoying a period of respite from bearish forces after the price hit an impervious significant support level at 1.03930. While the sellers are still raging, the price has been forced to enter a consolidation phase. The 1.04450 price level forms the upper consolidation border and the market has thus far been prevented from rising above it.

EURCHF Key Levels

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

EURCHF Long Term Trend: Ranging

A prolonged period of bearish dominance in the market might finally be coming to an end, even if temporarily. Every indication shows that buyers have accumulated enough strength to stem the bearish tide that is currently befalling the market. Tons of significant levels were violated as the price dropped steeply from 1.09320 over three months. However, at the 1.03930 level, EURCHF has been halted and is currently being forced into a consolidation phase.

The first indication of a bearish arrest is that the price was forced out of its descending channel on the 6th of December through a bullish engulfment candlestick pattern. Not long after, the Parabolic (Stop and Reverse) switched its dots below the daily candles to show an alteration in the ongoing market structure. The EFI (Elders Force Index) also, has its power line rise back to touch the equilibrium level for the first time in three months.

EURHF Short Term Trends: Bullish

At the moment, on the 4-hour chart, the price has dropped back to 1.03930 in its zigzag motion. Therefore, it is expected that the market will rise again from here, with the destination first at the 1.04450 price level. The EFI is showing market equilibrium as it undulates around the zero level.

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