In January 2023, prices began declining from the 0.99300 level, establishing a consistent bearish structure that extended throughout the year. The downtrend remained intact, with price action respecting a descending trendline on the daily timeframe.
By early January 2024, EURCHF had formed a notable low, prompting a bullish corrective phase. This retracement pushed the rice back toward the 0.99300 level, where resistance emerged, leading to renewed selling pressure.
The price has recently tested and rebounded from the established bearish trendline support, initiating a short-term bullish move. However, this upward movement is identified as a retracement rather than a trend reversal, suggesting that sellers may regain control once resistance is met.
EURCHF Short-Term Trend: Bullish
On the 4-hour timeframe, EURCHF is experiencing a bullish pullback, originating from the trendline support established by the broader bearish structure. The price has gradually ascended above the 0.94200 level, confirming a temporary bullish structure shift that supports higher price movements in the short term.
However, despite the ongoing upward momentum, selling pressure remains evident. The daily Relative Strength Index (RSI) signals a decline in bullish momentum. This indicates that buyers may struggle to sustain the rally if resistance levels hold. As long as the bearish trendline remains intact and unbroken, the ongoing bullish retracement is maintained, with the potential for a continuation of the downward trend once the pullback phase concludes.
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EURCHF Short-Term Trend: Bullish
EURCHF Short-Term Trend: Bullish
