EURCHF Is Set for a Breakout

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Market Analysis – April 4

EURCHF price action has formed a symmetrical triangle on the daily chart. The lower highs and higher lows are narrowing down to a point to prepare the market for a breakout.

EURCHF Key Levels

Demand Levels: 0.9850, 0.9800, 0.9710
Supply Levels: 1.0000, 1.0050, 1.0100

EURCHF Long-term Trend: Bearish

EURCHF used the bullish trendline to ascend from the demand level of 0.9710 in October to the supply level of 1.0050 in January. After the formation of a double top, the ascending trendline was broken by a volatile bearish displacement in February. This changed the direction of the market from bullish to bearish.

A bearish trendline was anchored on the swing highs of the failure swing of the double top. The test of the bearish trendline triggered a selloff. The Upper Bollinger Band resisted the ascent as the Stochastic indicated the market was overbought. The market witnessed seven consecutive days of consistent price decline. the market crashed to the demand level of 0.9710.

EURCHF Short-term Trend: Ranging

The market is experiencing a correction after the massive bearish displacement on the daily chart. The direction of the market would be made obvious on whichever sides the whales move to.

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