EURCHF buyers fail to maintain their hold above the 1.08360 key level and the market has taken a nosedive to 1.07230. On its way down, the price was intercepted at various significant levels which including the 1.07830 and the 1.07390 levels. The failure of buyers to keep a hold above the 1.08360 key level has now ceded the market to sellers who have plunged the price into bearish territory.
EURCHF Important Levels
Resistance Levels: 1.07830, 1.08200, 1.08930
Support Levels: 1.07390, 1.07230, 1.07010
EURCHF Long Term Trend: Bearish
Buyers only mustered strength on the 24th of August after price had fluctuated around the 1.07230 price level. EURCHF rose immediately to 1.07830, where a small retracement occurred before the market continued its upward trajectory. Another retracement occurred below the weekly resistant zone at 1.08200 in which price pulled back to 1.07830 to spring past the weekly resistance line.
Going forward, bulls initially fail at the next significant level at 1.08930, but a double retest back to the strong weekly zone drives the market upward. Buyers could only manage to reach the 1.09320 level before the market fails again. Thereafter, price plunges back to the strong weekly zone. Buyers tried to maintain the market at this level. After seven trading days, the market plummeted.
EURCHF Short Term Trend: Ranging
The market remains on a downtrend, confirmed by the EMA period 50 (Exponential Moving Average) hovering above the 4-hours candles. However, unlike the daily chart where the EFI (Elders Force Index) had plunged deep into a negative value, in the short term (4-hour chart), the force line has risen to a positive value. This is a pointer to the volume of buyers working in the background to lift the price again. Currently, the market is fluctuating around 1.07230 and buyers try to wrestle the market off the sellers. If they are successful, EURCHF will first climb to 1.07830.