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EURCHF Analysis – August 2
EURCHF is on course to drop to its lowest ever level. The price broke out of an ascending channel on the 16th of June, and since then, the bears have defended the market from all bullish interference. As a result, the market proceeded downward, dipping through several key levels to reach the 0.97200 significant demand level. EURCHF is now just one level away from reaching a new record low price level.
EURCHF Significant Levels
Resistance Levels: 0.99760, 1.04950
Support Levels: 0.96580, 0.97200
EURCHF Long-Term Trend: Bearish
The bears brought a long trend of bearish movement into November 2021. However, the buyers were determined to reverse the market, having failed previously. They chose the 1.03270 critical level to resist the bears. The fall was halted temporarily as a struggle for dominance took place. The sellers eventually breached the level, but EURUSD pushed against the pressure to drive the market back above.
The price rose until it reached the bears’ critical zone at the 1.04950 resistance level. The price first tested the level and then pulled back. It got support from 1.02470 to rise back to 1.04950. Sellers stood firm against the market. After a while, the price plunged and dropped below its ascending channel. The Parabolic SAR (Stop and Reverse) dots line above the daily candles to show a definite downtrend movement.
EURCHF Short Term Trend: Bearish
The market continued its downtrend, violating several key levels till it reached the 0.97200 demand level. The Stochastic Oscillator has been plunged into an oversold status for a while on the daily chart, while it is just about to drop into the oversold region on the 4-hour chart. EURCHF is set to match its lowest ever level at 0.96580 if it drops lower, and it could even attain a new record low level.
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