EURCHF Price Is Pacing Upward Due to Bearish Rejection
EURCHF Analysis – May 17
EURCHF price is pacing upward due to bearish rejection at the 1.03800 market zone. The Swissy market is potentially gaining more bullish strength. The price daily outlook shows that we should expect a bullish inclination upward to the 1.06190 key zone of the pair. The sellers have dangerously held buyers down to 1.03800. However, as a consequence of bearish rejection in the sellers’ depth, the buy traders can now position themselves to rally the Swissy value upward.
EURCHF Key Points
Resistance Points: 1.06190, 1.03800
Support Points: 1.01920, 0.99700
EURCHF Long Term Trend: Bullish
Euro-Swissy had long been in a bearish seasonal trend. The value trend, however, started its journey in 2021. The bears developed strong motion as the Swissy price continued to swing downward. Despite being in a bearish season, the buyers placed positions, thereby causing a short displacement to the 1.06190 key zone. The price level was unable to rise beyond the 1.06190 resistance zone. From this angle, the bearish quest continues downward as the price conclusively hit the 0.99700 breaking outside the trend channel
The buyer then continued to strive with the selling pressure as several waves were formed around the 1.01920 key level. The market pair caused several reactions at this level before a bullish breakthrough above it. EURCHF is currently projected upward above the 1.03800 key zone following bearish rejection. The momentum indicator is constantly swinging in price as buyers are taking charge of the daily outlook.
EURCHF Short Term Trend: Bullish
On the 4-hour chart of EURCHF, the bullish elevation is briefly interrupted by the pullbacks in price. The Stochastic Oscillator shows that price tendency might retrace back to the 1.03800 key level due to the signal already being in an overbought region in the short term phase. The Euro-Swissy momentum is also declining as the sellers are currently causing a pullback in price to the 1.03800 key zone.
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