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EURCHF Analysis – August 30
EURCHF stems the bearish tide that has befallen the market in recent times using the 0.96140 critical level. Incidentally, on the 23rd of August, the market dropped below this critical level to record its lower price level ever. However, the buyers see the 0.96140 critical level as a more stable level and were able to claw back to it and hold above it. From there EURCHF stems the bearish tide.
EURCHF Significant Levels
Resistance Levels: 0.99760, 1.01010
Support Levels: 0.96140, 0.95550
EURCHF Long-Term Trend: Ranging
The market has been ravaged in recent times by a bearish monopoly. No matter the changes that the buyers try to effect, they always proved to be ineffective. An instance is the interception of the downward flow on the 7th of March. This threw the market opened and led to a tussle for power. Just when the buy-traders seemed to be gaining dominance, the market received a strong rejection at 1.04950.
Thereafter, the bears reclaimed the market and aggressively so, they plummeted the price to a record low point. With the bears exhausted, the buyers are becoming more active, clawing the price above the 0.96140 critical level. The Stochastic Oscillator lines remained in an oversold status from mid-June to late August before they rose upwards. Sellers are expected to resist the uptrend at 0.99760 which will likely lead to a ranging market.
EURCHF Short Term Trend: Bullish
As this stands right now, the buyers are making headway and the price ascends. The market is on the verge of trading above the MA period 40 (Moving Average) on the daily chart and has dropped to support the price on the 4hrs chart. This stands as a huge boost to the market which is then expected to rise to 0.99760 where its real test will occur. The price is most likely to start trading sideways at that point due to an even clash of power by opposing market forces.
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