EURCHF Analysis – November 23
EURCHF remains bearish as the price continues within the downward channel. The downward channel has emerged since the retraction at the 1.00880 resistance in January 2023. EURCHF is currently approaching the FVG (Fair Value Gap) as the Stochastic Oscillator also indicates that the market is already overbought.
EURCHF Key Levels
Demand Zones: 0.94170, 0.93000
Supply Zones: 0.98750, 1.00880
EURCHF Long-Term Trend: Bearish
In January 2023, the market retracted from an overbought state. The downtrend was a result of the overwhelming selling pressure at the 1.00880 resistance. The further decline of the price led to a structural shift of the market trend to a downward trend. In March 2023, the price respected a bearish order block as the bears returned into the market after a significant retracement to the upside. The validation of the bearish order block led to a substantial crash of EURCHF until the 0.96940 previous support was hit.
EURCHF made a rebound at the 0.96940 previous support until the bears aggressively stormed the market. The aggressive entry of more sell orders increased the selling pressure as the price crashed massively, breaking through the 0.96940 previous support. The downtrend continued until a major low formed at 0.94170 in the discount zone. Price is currently heading into a Fair Value Gap, which is likely to instigate the resumption of the downtrend within the downward channel.
EURCHF Short-Term Trend: Bullish
A change of character to the upside has occurred in the four-hour chart. According to the MA Cross, the uptrend is still ongoing. However, the uptrend is expected to end as the price enters the daily Fair Value Gap in the premium zone.
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