Market Analysis – June 14
EURCHF has witnessed a significant surge in price, surpassing the bearish wedge displayed on the daily chart. This sudden upward movement indicates the commencement of an uptrend.
EURCHF Key Levels
Support zones: 0.9700, 0.9600, 0.9500
Resistance zones: 0.9800, 0.9850, 0.9900
EURCHF Long-term Trend: Bullish
After experiencing multiple rejections at the support level of 0.980, as indicated by the presence of wicks below the body of daily candles, the market rose to a level beyond the bearish swing witnessed in the first two weeks of March. The confirmation of a double top pattern by the Stochastic indicator, indicating overbought conditions, led to a subsequent price decline and the formation of a falling wedge.
A double bottom pattern has now emerged, with each swing low occurring in the oversold region according to the Stochastic indicator. The breakout from the neck of this double-bottom pattern suggests a reversal in the prevailing trend.
EURCHF Short-term Trend: Bullish
In the 4-hour timeframe, there is a clear change in the market structure. The Stochastic indicator is currently in overbought territory, indicating the possibility of a retest of the falling wedge, which could further stimulate buying pressure.
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