‎EURCHF Faces Temporary Recovery Amid Long-Term Bearish Trend

EURCHF Analysis – March 28

‎‎EURCHF has been in a persistent downtrend despite intermittent recoveries. In early 2024, the pair established a significant low, breaking bearish structure on the daily timeframe.‎

‎EURCHF Key Levels

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

‎EURCHF Long-Term Trend: Bearish

Price momentum shifted bullish after a brief breach of 0.93630. It drove an upward movement until early May 2024. A key resistance level formed, resuming the dominant bearish trend.

The decline gained traction below 0.93630. It targeted the 0.92460 demand zone. Multiple attempts to break lower failed. Support held, triggering a temporary bullish retracement. The Relative Strength Index (RSI) suggests renewed bearish potential. Momentum has reached overbought conditions. This signals a possible continuation of the downtrend in the EURCHF market.

‎EURCHF Short-Term Trend: Bullish

‎On the lower timeframe, EURCHF showed bullish momentum after surpassing the 0.95090 supply zone, forming a series of minor higher highs. Although the pair is currently experiencing a corrective decline, the 4-hour RSI indicates that price is nearing oversold conditions, suggesting that this short-term pullback may be nearing completion.
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‎‎For the broader bearish trend to resume, the 4-hour market structure must realign with the prevailing daily downtrend, reinforcing the bearish bias and generating shorting forex signals.
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