‎EURCHF Bearish Trend Persists
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‎EURCHF Bearish Trend Persists Despite Temporary Bullish Correction

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Azeez Mustapha

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‎‎EURCHF Analysis – April 3

EURCHF has been in a sustained downtrend since May 2024. After an initial retest of the 0.97670 level, the pair faced strong selling pressure, leading to a sharp decline below the 0.94560 and 0.93440 demand levels.

EURCHF Key Levels

Demand Levels: 0.93630, 0.92460, 0.90790
Supply Levels: 0.95090, 0.97000, 0.98480‎.

OANDA:EURCHF Chart Image by jereminze312‎EURCHF Long-Term Trend: Bearish

The bearish trend persisted, with price extending its decline toward the 0.91870 support zone. This downward movement was characterized by intense selling pressure, which pushed the price to fresh lows. Notably, the daily Relative Strength Index (RSI) indicated a shift in momentum, revealing an increase in buying strength that led to a temporary bullish reversal.
As buyers stepped in, the recovery attempt showed promise, briefly surpassing the 0.95800 supply level. This move suggested that bulls were attempting to regain control and potentially reverse the bearish trend. However, it was short-lived, as the price encountered resistance and formed a failed high pattern.
The failed high pattern, combined with the RSI signaling a decline from overbought conditions, hinted at a potential resumption of the broader bearish trend. This bearish momentum could lead to a retest of the 0.91870 support zone or even a breakdown to lower levels. As the price action unfolds, traders will be closely watching for signs of continued bearish pressure or a potential reversal.

OANDA:EURCHF Chart Image by jereminze312‎EURCHF Short-Term Trend: Bearish

‎On the 4-hour timeframe, a Head and Shoulders pattern has emerged, reinforcing the bearish outlook. The subsequent price reaction has been aggressive, with a rapid decline in price confirming selling dominance in the market.
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‎Currently, the market outlook remains bearish. A decisive break below the bullish trendline would provide further confirmation of a bearish continuation, aligning with the overall bearish forex signal.

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