EURCHF Suffers Rejection, but the Bulls Are Still Raging

EURCHF Market Analysis – February 15

EURCHF suffers rejection at a significant price level of 1.06070, but that has not silenced the raging of the bulls. The upsurge in price was cut off abruptly at this resistance level. A slight pullback followed before bulls charged back at the resistance level. The second chargeback was equally cut off at the resistance level. This led to more weakness in the market, which dropped to 1.04520, where it has now revived again.

EURCHF Key Levels

Resistance Levels: 1.06070, 1.08760
Support Levels: 1.03270, 1.04520

EURCHF Long Term Trend: Bullish

The market is just recovering from a prolonged period of bearish dominance. After breaking through several vital levels, buyers eventually succeeded in halting the prolonged slump in the market at 1.03270. Though there are still elements of bearishness in the market, buyers are growing stronger with each passing day. This is evident in the price upsurge on the 3rd of February 2022.

Nevertheless, bulls now have to negotiate a significant barrier level at 1.06070 to prolong their hold on the market. They have been rejected twice in quick succession. But they have done exceptionally well to recover immediately at the 1.04520 price level. As a result, the upward cross of the MA cross (Moving Average) is still valid. Also, the Stochastic Oscillator is observed to have turned around for an upward cross at mid-level.

EURCHF Short-Term Trend: Bullish

The market is also bullish in the short term, and we can expect more upward movement because the Stochastic Oscillator has made a golden cross from deep in the oversold region. Bulls will try to break through the 1.06070 resistance level on the third attempt. This will give the price freedom to climb up to another significant resistance at 1.08760.

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