EURCHF Price Analysis – June 26
The previous low level of $1.105 may be reached as long as the Bears gain more pressure to break down $1.110 level.
Resistance levels: $1.116, $1.126, $1.133
Support levels: $1.110, $1.105, $1.098
EURCHF Long-term trend: Bearish
EURCHF is bearish on the long-term outlook. USDJPY price pulled back yesterday from the demand level of $103. On the daily chart, the price has formed a descending channel in which the price is trading within the channel in an up and down pattern. The price reversed at the demand level of $1.105 level last week. It slowly moved up to $1.116. The Bears may push down the price to reach its previous low.
EURCHF price is trading below the 21 periods EMA and 50 periods EMA at a close range to each other which indicates an increase in the bullish momentum. The Stochastic Oscillator period 14 is above 25 levels with the signal lines pointing to the north to indicate a buy signal. The previous low level of $1.105 may be reached as long as the Bears gain more pressure to break down $1.110 level.
EURCHF medium-term Trend: Bearish
EURCHF is bearish on the medium-term outlook. A bearish engulfing candle formed on July 03 is the causative agent for the price declination in which it may continue. The price broke down the dynamic support level and started consolidating. The price is trading directly on the 21 periods and 50 periods EMA in which the two are interlocked to each other as a sign of consolidation.
However, the Stochastic Oscillator period 14 is above 25 levels and the signal lines bending up to indicate that the buyers may take over soon.
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