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Market Analysis – December 27
EURCHF lurks in consolidation between the 0.9900 supply level and the 0.9820 demand level. Throughout December, the market has been stuck in a range.
EURCHF Key Levels
Demand Levels: 0.9820, 0.9790, 0.9650
Supply Levels: 0.9900, 0.9950, 1.0000
EURCHF Long-term Trend: Ranging
EURCHF is currently moving sideways on the daily chart. There is currently no clear trend in EURCHF’s daily time frame. There has been no massive displacement in December. The daily candles are bouncing back and forth within the same resistance and support levels, with wicks showing rejection at both ends.
There was massive displacement from the demand level at 0.9650. The price accelerated to the resistance level of 0.9950. The Moving Averages rested below the daily candles from 0.9650 to 0.9950 to indicate bullishness. The market was well oversold at $0.9950 as signified by the Stochastic indicator. Three Black Crows dived below the Bollinger Band Moving Average. The recent high at 0.9900 and low at 0.9790 have not been attacked due to the indecisiveness of the market. The Stochastic is not yet oversold, and the market is still likely to fall to the lower end of the range at 0.9820.
EURCHF Short-term Trend: Ranging
A double top formed at the 0.9900 supply level on the four-hour chart. The reversal pattern led to a fall in price as the market was already overbought. The market is expected to move to the lower end of the range at 0.9820.
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