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Sun, Jun 04, 2023

Old Resistance act as a New Support in EURCHF
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EURCHF Support Resistance Analysis

EURCHF broke the resistance level in the previous month.

Again the market came back to retest the breakout level.

Old Resistance acts as a New Support level now.

Shall we expect a bounce back from this New Support zone? Let’s wait and see.

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Fundamental impacts

Risk assets declined due to the second wave of COVID 19.

FED Reserve balance sheet contracted to $74 billion last week which boosted the US dollar.

The Expansion of $250 billion per week from March 18 to the end of May 2020 creates a Fed reserve to control its asset purchasing program and to average $14 billion per week in June.

Central bank adding $2.93 trillion to its balance sheet. FED creates more drawback because US Economy soon needs to get back to the support of FED reserve otherwise Global Equity markets will get worse.

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