The EURCHF Price Declines Towards Support Levels

Azeez Mustapha


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Market Analysis – March 8

The EURCHF market is showing a very weak bearish trend. The lower highs and lows are very close to one another. The buyers have not surrendered totally as bullish impulsive moves are still observed within the bearish parallel channel.

EURCHF Key Levels

Demand Levels: 0.9850, 0.9820, 0.9770
Support Levels: 1.0000, 1.0060, 1.0090EURCHF Price Declines Towards Support Levels

EURCHF Long-term Trend:

EURCHF market posted small sized candles in December. This candles lined up sideways to reveal the consolidation in the market. The size of the candles and the continued formation of shadows side by side was a sign of low volume in the market. In January, volatility was injected into the market. Large candles with gaps rallied to 1.0090.

The sellers response was noticed immediately as the price dropped significantly to form a low at the bullish order block. This was fulfilled with four consecutive bearish days. The Stochastic tipped into the oversold region where the buyers were woken up. A bullish displacement which failed to rise beyond the previous swing high was observed. The lower high successfully swept the previous low to shift into a bearish market.

EURCHF Price Declines Towards Support Levels

EURCHF Short -term Trend: Bearish

The upper Bollinger band has resisted further ascent in the market in March. The price decline initiated when the market was overbought as seen on the Stochastic. The price is currently diving to the lower border of the channel at 0.9850.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

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