EURCHF Analysis – November 29
EURCHF seeks reinforcements to preserve its rising market. The market can be considered to be well and truly on an uptrend. However, in recent times, the buy-traders have weakened due to much exertion when trying to drive the market from its lowest point ever. Their challenge has thus far revolved around the 0.98360 key level. The price comfortably exceeded the level, only to fall below it and struggle since.
EURCHF Key Levels
Resistance Levels: 1.03270, 0.99760, 0.98360
Support Levels: 0.94000, 0.97094, 096140
EURCHF Long-Term Trend: Bullish
The buyers are currently struggling around the 0.98360 critical level. So far, they have been unable to maintain their position above sea level. The market now seeks bullish reinforcements with which it can preserve itself from continuously slipping downward. EURCHF is now adjusting into an ascending triangle structure, which is meant to hold the market for a while and then shoot it upward.
As the price tapers through the triangle structure, there is a cause for much optimism among the buyers. The MACD (Moving Average Convergence Divergence) lines which hitherto were already dipping, have been tempered just before reaching the equilibrium level, and now the lines are about to cross upward as the bearish histogram also successively reduces in height.
EURCHF Short-Term Trend: Bearish
Also contributing to the buyers’ cause is that the MA period 50 (Moving Average) is bearing the market both on the daily and the 4-hour chart. The MACD lines, which had plunged into a negative value before, have climbed back into a positive value, and the histogram bars have also turned green. EURCHF is expected to heave itself back above 0.98360 before rising towards 1.03270.
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