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EURCHF Buyers seize control of the market
EURCHF Analysis – October 4
EURCHF Buyers have seized control of the market. This is yet another attempt by the buyers to bring the price back up to a respectable key level. This is not the first time trying to pump the market. However, this attempt seems different simply because the current pair has been driven deep into an oversold region and the price is set to spring upward from there.
EURCHF Critical LevelsSupply Zone: 0.98360, 0.99869, 1.01010Demand Zone: 0.94000, 0.96140, 0.97200
EURCHF Long-Term Trend: BullishThe sellers have plunged into the market right from the beginning of the year till this month. Despite their best efforts, the general bearish trend could not be altered. Notable is the intrusion of the bearish trend from March to June by the bulls, only for the sellers to continue plunging the market immediately after the disturbance was done away with. Eventually, this led to the fall of EURCHF to a new market low at 0.96580.
Bulls are building up from that level and have invited many investors into the market. EURCHF is now pushing strongly upwards. The MA Cross (Moving Average) lines are about to cross each other upward. This will confirm the bullish orientation of the market. The RSI (Relative Strength Index) line is trying again to push to the overbought zone, something it has not done since mid March.
EURCHF Short-Term Trend: BullishOn the 4-hours chart, EURCHF is depicted as about to break the neckline of a double bottom bullish chart formation. Breaking the neckline will give the currency pair more impetus to surge further upward and regain some price levels before meeting another resistance level. The RSI line has risen to the border of the overbought region, and likewise, the MA Cross has crossed upward.
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