EURCHF price action is currently defined by a downward-sloping channel on the daily timeframe. The price tested the resistance border in late September, which led to a bearish shift. However, the recent sideways movement in price action reveals a lack of follow-through, as bearish momentum has stalled despite the shift in market structure.
EURCHF pulled back to a key bearish order block around 0.94500 in September, aligning with the resistance trendline on the daily chart, creating a confluence zone. This resistance zone broke the last bullish order block, initiating a new downward trend.
Since the bearish reversal, however, momentum has weakened. The RSI (Relative Strenght Index) hovers around 50, signaling indecision, while the momentum indicator remains near zero, highlighting a pause in the bearish drive.
EURCHF Short-Term Trend: Ranging
On the lower timeframes, EURCHF has entered a range-bound phase, indicating possible reaccumulation for further downward movement or an early sign of a bullish reversal. A breakout from this range either to the upside or to the downside is anticipated. The breakout would give more clarity, enabling more informed forex signals.
EURCHF Short-Term Trend: Ranging
EURCHF Short-Term Trend: Ranging
