Old Resistance act as a New Support in EURCHF

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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