EURCHF - Bears are pushing the price lower
Trend Analysis: The EURCHF currency pair on the 4 hours chart has been in a downtrend since 13 December 2019 when it registered the highest price level of the period under study at 1.10317. Since then, the currency pair has been successfully forming lower bottoms and lower tops. At time of writing, the EURCHF is moving around 1.06239 below the 20-period and 40-period simple moving average respectively. This reveals the sellers’ determination to push the exchange rate of EURCHF to lower levels.
Additionally, the oscillator analysis indicates negative sentiment for the EURCHF. The 14 period RSI Oscillator (Relative Strength Index) is below the 50 level - a fact that shows that the sellers are in control of the market. The 23 period Momentum Oscillator is also below the 100 mark, which illustrates bearish movement in the currency pair.
When attaching the Fibonacci Retracement tool from the bottom at 1.06582 and dragging it to the top at 1.06787, three price targets may be calculated. The first target level is projected at 1.06455 (161.8%), which has been successfully reached. The second target level is estimated at 1.06250 (261.8%), which has been achieved. The third target level is forecasted at 1.05919 (423.6.8%).
It remains to be seen how much lower the bears will manage to push the price of the EURCHF.
Additionally, the oscillator analysis indicates negative sentiment for the EURCHF. The 14 period RSI Oscillator (Relative Strength Index) is below the 50 level - a fact that shows that the sellers are in control of the market. The 23 period Momentum Oscillator is also below the 100 mark, which illustrates bearish movement in the currency pair.
When attaching the Fibonacci Retracement tool from the bottom at 1.06582 and dragging it to the top at 1.06787, three price targets may be calculated. The first target level is projected at 1.06455 (161.8%), which has been successfully reached. The second target level is estimated at 1.06250 (261.8%), which has been achieved. The third target level is forecasted at 1.05919 (423.6.8%).
It remains to be seen how much lower the bears will manage to push the price of the EURCHF.
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