EURCHF Broke Out at the Demand Level of $1.110 and May Fall to $1.104

EURCHF Broke Out at the Demand Level of $1.110 and May Fall to $1.104
Rate this post

EURCHF Price Analysis – July 17

Ability to penetrate $1.104 demand level by the Bears will push the pair down towards the demand level of $1.098 level. In case the demand level of $1.104 holds, the price may reverse.

EUR/CHF Market

Key levels:

Resistance levels: $1.110, $1.116, $1.126
Support levels: $1.104, $1.098, $1.092

 

EURCHF Long-term trend: Bearish

On the long-term outlook, EURCHF is bearish. EURCHF currency pair was moving sideways within the range of $1.110 and $1.116 price level last week; this was due to the barrier at the dynamic resistance level. On July 12, the Bears increased in pressure and this was exerted. A strong bearish candle formed which penetrated the former demand level of $1.110 downside. The currency pair is moving towards the demand level of $1.104.

EURCHF Daily chart, July 17

EURCHF price that was having direct contact with the 21 periods EMA before is currently moving farther away from the two EMAs downside which indicates an increase in the bearish momentum. The Stochastic Oscillator period 14 is at 20 levels with the signal lines pointing down to indicate sell signal. Ability to penetrate $1.104 demand level by the Bears will push the pair down towards the demand level of $1.098 level. In case the demand level of $1.104 holds, the price may reverse.

EURCHF medium-term Trend: Bearish

EURCHF is bearish on the medium-term outlook. After many days of sideways movement, the Bears eventually prevailed over the Bulls. The increase in price was resisted at the upper trend line of the channel. Sudden bearish reversal sign was noticed and big bearish candles were produced that penetrated $1.110 level. Shortly after the scenario, the pair started a ranging movement within the $1.110 and $1.104 levels.

EURCHF 4-hour chart, July 17

The Stochastic Oscillator period 14 is at 50 levels and the signal lines bending down to indicate that the price may fall to the demand level of $1.104.

Please note: insidebitcoins.com is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

About AzeezMustaph

Azeez Mustapha is a technical analyst, has many years of trading experience in the stock exchange and the crypto markets. He has broad experience in Forex trading, coaching, and funds management