EURCHF Price Analysis – January 25, 2022
EURCHF reverts to 1.03270 as selling pressure negates bullish strength. After the price broke out of the long-drawn descending channel, it met resistance at 1.04520 and then undulated through another descending channel to 1.03270. From here, the bulls switched and powered the market through several key levels. However, at 1.05100, bullish steam was exhausted, and EURCHF reverts to the support level.
EURCHF Significant Levels
Resistance Level: 1.08760, 1.06070, 1.05100
Support Level: 1.02260, 1.03270, 1.03710
EURCHF Long Term Trend: Ranging
A long-drawn bearish regime has encapsulated the market since the first quarter of March 2022. This was interrupted as market bulls sought to overthrow the bearish regime. A brief period of market turbulence ensued, which was halted at 1.09330. Then market bearishness resumed with full force. Buyers can still be noticed trying to revive at some key levels in the market, but bearish strength prevailed, at least till the 1.03270 support level.
A bullish move finally caught up with the bears and halted the slump in the market, but an immediate resurgence was cut short at 1.04520. A second trial broke through the level but has now been halted at 1.05100. The price, therefore, reverts to 1.03270. Bulls aren’t giving up yet, and the latest daily candle is a strong bullish one. The MACD (Moving Average Convergence Divergence) has yet to fully confirm a resurgence having crossed downward. However, the bearish histogram bars are shrinking.
EURCHF Short Term Trend: Bullish
The market is strongly bullish on the 4-hour chart. The Parabolic SAR (Stop and Reverse) has aligned several dots below the candlesticks. There is now a cross of the MACD lines from below the zero level. Bullish histogram bars have been formed. The market is therefore on the rise again after recovering from the support level. Price will attempt to re-attain and then surpass its previous fall level of 1.05100.
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