EURCHF Analysis – November 22
EURCHF is contending with the 0.98360 supply level to make a further upward movement. Though the price has been bullish in recent times, however, the strength of the buyers has waned, and the currency has now hit a blocker at the 0.98360 supply zone. Currently, the price has fallen below the level once more and will look to recover quickly.
EURCHF Key Levels
Resistance Levels: 1.01010, 0.99760, 0.98360
Support Levels: 0.94000, 0.97094, 096140
EURCHF Long-Term Trend: Ranging
The continuous bullish ride of the market, which began in late September, has now been tempered. During the bullish ride, the market was shaped into a head-and-shoulders bullish reversal formation. It helps it bypass multiple key levels. However, the neckline of the structure lies at 0.98360, and the market has not been able to convincingly steer clear of the level.
After breaching the level on the 24th of October, the bears slipped into the market to make a double-top pattern above the level, which then plunged the currency pair back below 0.98360. A new attempt to rise above the level hasn’t gone well, and the EURCHF is back below the key level. The MA period 50 (Moving Average) is still below the candlesticks and may push up the price when they meet.
EURCHF Short-Term Trend: Bearish
Also on the daily chart, the MACD (moving average convergence divergence) lines remain positive but are approaching the midpoint (it is already at the midpoint on the 4-hours chart). The lines are accompanied by long bearish histogram bars. This shows that even though the bears are currently driving, the buyers have not lost the market and can regain it to continue their upward course.
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