Market Analysis – October 23
EURCHF continues to fall significantly as a strong bearish tendency is evident. The price has been declining rapidly with no signs of stopping since the bearish break of the structure at the 1.00500 level.
EURCHF Key Levels
Demand Levels: 0.95200, 0.94100, 0.93200
Supply Levels: 0.96800, 0.98500, 1.00500
EURCHF Long-Term Trend: Bearish
The price falls, forming a low at the 0.94100 level. After creating this low, the market started to retrace, indicating another potential bearish run.
The retracement ended at the 0.618 Fibonacci level, which typically signifies a premium price ready for a sell. Following the rejection of the Fib level, the price formed consecutive lower lows, further confirming the bearish trend.
As a result, a bearish trend develops, breaking the 0.95200 demand level. Before the market pulls back, it is anticipated that the price will test the trend line support and the 0.94100 level.
EURCHF Short-Term Trend: Bearish
There is a clear indication of the creation of a new lower low and a breach of the 0.95200 demand level. The price retest of the failed demand level along with the Moving Average is an opportunity to engage more sellers to drive to 0.94100.
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