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EURCHF Price Retested Resistance Level of $1.104

EURCHF Price Analysis – July 31

EURCHF may trend down to find support at $1.092 support level provided the support level of $1. 098 do not hold but if it holds, then, the price may bounce back again.

EUR/CHF Market

Key levels:

Resistance levels: $1.104, $1.110, $1.116
Support levels: $1.098, $1.092, $1.084

 

EURCHF Long-term trend: Bearish

EURCHF is bearish on the long-term outlook. The bearish momentum is increasing and the price is decreasing on the daily chart in the EURCHF market. The price found support at $1.098 level on July 24. The Bulls counter the downtrend with the formation of a strong bullish engulfing candle which pushed up the price to retest the resistance level of $1.104. The price consolidated for three days at the level. Today, the Bears gained more pressure and the price is moving down towards $1.098 price level.

EURCHF Daily chart, July 31

EURCHF price is pulling back periodically to test the dynamic resistance of 21 periods EMA and bounces off, trend down. It maintains trading below the 21 periods EMA and 50 periods EMA as a sign of a bearish trend. EURCHF may trend down to find support at $1.092 support level provided the support level of $1. 098 do not hold but if it holds, then, the price may bounce back again. Meanwhile, the Stochastic Oscillator period 14 is at 40 levels with the signal lines bending down which indicates sell signal.

 

 

EURCHF medium-term Trend: Bearish

EURCHF is bearish on the medium-term outlook. EURCHF maintains trading within the falling channel. The price increased up to the resistance level of $1.104 yesterday before the market closed on the 4-hour chart. Today’s market opened with a strong bearish candle that engulfed the yesterday bullish candle. This scenario pushed the price down below the two EMAs and the price is currently facing the support level of $1.098.

EURCHF 4-hour chart, July 31

The Stochastic Oscillator period 14 is below 50 levels and the signal lines bending down sharply to indicate strong sell signal.

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