EURCHF Is Bordering on a Record Low Price Level

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EURCHF Analysis – August 16

EURCHF is bordering on an historically low profile level at the 0.96140 critical support level. The buyers have thus far failed to curtail the drop in price and the market has fallen to its lowest level ever. There is a little bit of renaissance which lifts the price just above the immediate resistance level at 0.96580. At this point, it is a make or break for the market investors. A failure to hold above this level will lead to more market falls.

EURCHF Significant Levels

Resistance Levels: 0.99760, 1.04950
Support Levels: 0.96580, 0.96140

EURCHF Long-Term Trend: Ranging

The market sellers have always been aggressive, coming in from last year. However, at the beginning of 2022, the bulls began interrupting the downward flow with the intent to distract the bears and gradually gain more influence. This approach worked, but only till mid-June. The 1.04950 supply level kept a check on the price level, and the bulls failed woefully at that point.

As a result, the market dipped strongly, falling through several key levels despite the efforts of the bulls (which can be seen in little pullbacks as the price drops). Eventually, EURCHF falls to a record low point beyond the 0.96140 key level. Buyers have facilitated a pullback and the market is now bordering the 0.96580 price level. The pressure remains on the market as the Stochastic lies in oversold territory.

EURCHF Short Term Trend: Ranging

The 4-hour chart shows a strong bullish reaction from the 0.96140 support level. If the buyers sustain their strength, they could push the market into a sideways movement, at least to gain more strength. A failure to do this will mean the market will plunge to entirely new depths that the market hasn’t gotten to before. Meanwhile, the Stochastic Oscillator lines on the 4-hour are rising out of oversold and the price is now trading above the MA period 20. 0.99760 is the target level.

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