EURCHF experienced a strong rally, which suffered rejection at the major resistance level of 0.94450. This led to significant selling pressure from the zone. The market structure has shifted in favour of the sellers. Technical indicators now flash bearish signals. The price is set for a dive to lower levels.
EURCHF Key Levels
Support Levels: 0.9300, 0.9250 Resistance Levels: 0.9445, 0.9500
EURCHF Long-Term Trend: Bearish
The promising August rally halted abruptly at 0.9445. This zone is a historically significant pivot point. Currently, the price trades at 0.9368 after breaking down. This action signals a clear victory for sellers. It also suggests a potential bullish reversal.
Technical indicators now confirm this bearish shift. A bearish MA Cross (9,21) crossover just occurred. Consequently, short-term momentum has turned negative. Supporting this, the RSI dropped below 50 to 44.41. Therefore, bearish momentum is firmly in control. Furthermore, there is ample room for further decline toward 0.9300.
EURCHF Short-Term Trend: Bearish
The new bearish trend is well-defined here. After peaking near 0.9445, the pair established lower highs and lows. This structure is a classic downtrend. Currently, price is at 0.9369, trading below key moving averages. These Moving Average now act as dynamic resistance. They are thwarting all buyer recovery attempts.
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EURCHF Short-Term Trend: Bearish
EURCHF Short-Term Trend: Bearish
