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EURCHF Analysis – September 27
EURCHF weakens and plunges to a new depth. The buyers have been trying to beef up the price in recent times, therefore driving against the bearish trend. This agenda was only as successful as far as the 0.97200 resistance level. After failing to bypass this level, the market weakens and plummets to a new low level
EURCHF Key Levels
Resistance Levels: 0.97200, 0.96140
Support Levels: 0.94980, 0.94000
EURCHF Long-Term Trend: Bearish
The market has put forth a strong bearish front for most coming in from last year and for most of the year. The buyers initially tried to halt the downward liquidity flow in the market around the beginning of the year, and though the price flow was disrupted for several months, ultimately, the bears prevailed to push the market to an entirely new low at 0.95550.
Afterwards, the buyers tried to recover the market to bring it back up to a respectable position. This continued for several days till the price rose to an impenetrable zone at 0.98360. After a couple more days of trying, the price weakens and plummets to a new low level. The RSI (Relative Strength Index) line has immediately taken a hit and turned down towards the oversold region.
EURCHF Short Term Trend: Bearish
Though the price drops as low as 0.94000, it has retraced back above 0.94980. This has caused an equal uplift of the RSI line, but overall, the line remains in the bearish half of the RSI chart. The downward cross of the MA Cross (Moving Average) still prevails on the market and the upthrust of the price can be seen as temporary. Therefore EURCHF is predicted to drop even lower.
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