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Market Analysis – January 11
EURCHF rises from the discount level after a pullback to 0.97230. The price continued to rise after a temporary decline to the 0.97230 major demand level.
EURCHF Significant levels
Supply Levels: 0.99120, 0.99500, 100520
Demand Levels: 0.97230, 0.96470, 0.94300
EURCHF Long-Term Trend: Bullish
EURCHF experienced a bullish reversal after the exhaustion of the sellers at 0.9430. The Moving Average period nine changed position to rest below the daily candles to signify a bullish reversal in October. The market ascended to reach the supply level of 0.9950. The Williams Percent Range indicator signalled the market was already oversold. The effect was noticed as the market plunged to 0.97230.
The selloff that began when the market was overbought at 0.9950 was terminated upon reaching 0.97230. The market displayed a very weak trend after hitting the demand level. Lower highs and higher lows formed a symmetrical triangle. The Moving Averages also rested on the bodies of the daily candles. At last, the consolidation gave way to the buyers.
EURCHF Short-Term Trend: Bullish
The market has pushed above the symmetrical triangle. The market has reached the resistance level of 0.9950. The Moving Averages on the lower and higher time frames have revealed the end of the consolidation. The Williams Percent Range indicates the market is currently overbought in the higher time frame as well as the lower time frame. The market is expected to retrace to $0.99100 before bouncing back to higher supply zones.
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