EURCHF Analysis – January 16
EURCHF is set for a fractal ascension as 2024 begins. The market has been in a downtrend since the breakout in July 2023. Presently, the prevailing trajectory of the market is characterized by a discernible descent. However, a new trend to the upside is highly probable. This solely depends on the buying pressure at the demand zone of 0.92540 and the major trendline.
EURCHF Key Levels
Demand Zones: 0.92540, 0.90000
Supply Zones: 0.96850, 1.00970
EURCHF Long-Term Trend: Bearish
The bearish trend has been in phase for quite a long period. The breakout, which occurred towards the 0.95220 price level in July 2023, further catalyzed the pessimism in the market. The descent lingered until 0.94170, where a major low manifested. A subsequent noteworthy uptick was instigated following the establishment of the 0.94170 low. Bullish dominance pervaded EURCHF until the Stochastic Oscillator signalled an overbought market condition as the price approached the bearish order block.
Following the overbought indication, yet another break of the structure occurred, solidifying the bears’ complete control over the market. EURCHF continued afterwards in fractals until another indication was given by the Stochastic Oscillator. A bearish order block formed on December 27, 2023, as the price declined in fractals. Drawing insight from the Stochastic Oscillator, indications suggest an oversold market. This paved the way for a substantial upward correction as the year 2024 began. The trajectory is poised for ascension until the bearish order block is encountered, likely resulting in a fractal rise for EURCHF.
EURCHF Short-Term Trend: Bearish
On the four-hour chart, the order block is characterized by the consolidation that occurred on December 26, 2023. The ongoing correction is expected to end at the bearish order block, as the Stochastic Oscillator also indicates that the market is overbought.
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