EURCHF Selling Strength Is Contained Close to the 1.00450 Key Level

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EURCHF Analysis – June 28

EURCHF selling strength was contained as the market emerged close to the 1.00450 key level. The price movement has undergone bearish rejection as selling was prevented from breaking through the 1.00450 key level. The buyers are aware of the bearish layback and are now spotting a buy moment on the EURCHF price due to neutralizing selling pressure.

EURCHF Significant Levels:

Resistance Levels:1.05150, 1.03750
Support Levels: 1.01960, 1.00450

EURCHF Long-Term Trend: Bearish

The Swissy price was scaled down when it was bought by merchants who appreciated its value from the 1.01960 critical zone around May 2022. The bullish ride appreciated buying pressure up to 1.05150, the key level. This critical level showed a bullish price limit after a quick move of about 300 pips. When all buying pressure stopped at the critical level of 1.05150, the bear moments were viewed to have established a sell limit at the 1.05150 critical level, giving room for a downward price dump.

The price action on the Swissy market continues to rise and fall as the market tendency forms multiple tops around the 1.05150 key zone. The sellers have pushed through the 1.01960 key level, and the Swissy value has dropped to a significant level of 1.00450. The Stochastic Oscillator has scheduled a price signal around the 0.00 level, indicating an over-sold moment in price. The daily chart, therefore, shows bearish rejection as sellers are now posing through.

EURCHF Short Term Trend: Bullish

The 4-hour chart clarifies the presence of buyers now being stipulated in the Swissy market. Buyers are currently posing a threat as the MACD (Moving Average Convergence & Divergence) indicator is close to crossing through the bulls’ region due to the price drop back to the 1.00450 key level. Traders should therefore expect a ride up to the key level of 1.01960.

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