EURCHF has resumed its bearish trajectory following a significant rejection from the 0.99190 supply level. This marked a key turning point, leading to a structural break and reinforcing the prevailing downtrend.
Before this structural shift, the pair was already in sustained decline, forming consecutive lower lows. However, in early 2024, price action found temporary support at the 0.92670 level, triggering a strong bullish recovery. This rally was eventually capped at 0.99190, where a major high formed, leading to a bearish break of structure.
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Following the structural break, the price retraced upward but found resistance at the 0.95810 support-turned-resistance level, reinforcing the bearish outlook. Additionally, a double-top pattern has emerged, further validating the continuation of the downtrend. The daily Relative Strength Index (RSI) indicates that the price reached the overbought region, suggesting diminishing bullish momentum and increased likelihood of further declines.
EURCHF Short-Term Trend: Bearish
A closer look at the 4-hour timeframe reveals that the prior bullish retracement has been decisively breached, confirming the resumption of the bearish trend. With this shift still in its early stages, potential short-selling opportunities may arise.
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Currently, the price targets a complete breach of the 0.92670 demand level, with the next key support level at 0.90850 as a potential downside target. If bearish momentum continues, further declines could be expected in the near term.
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