EURCHF Price Continues to Decline
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EURCHF Price Continues to Decline

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Azeez Mustapha

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Market Analysis – October 6

EURCHF price continues to decline, indicating the market’s weakness since the reversal in mid-July 2022. The price has been diving sharply without any significant retracements until it recently encountered resistance at the 0.94100 level.

EURCHF Key Levels

Demand Levels: 0.96800, 0.95500, 0.94100
Supply Levels: 0.98300, 1.00500, 1.02800

EURCHF Price Continues to Decline

EURCHF Long-Term Trend: Bearish

EURCHF price shows a bearish movement and has started to lose momentum as it approaches the 0.94100 demand level. This level has provided support for the price during its retracement after the sharp decline.

At the 1.00500 level, the price encountered resistance, and the retracement broke through the 0.98300 supply level. Further reinforcement by the retracement to the 0.618 Fibonacci level shows the fact that the price respected the 1.00500 level.

The rejection from the 1.00500 level has acted as a turning point for the price trend, leading to a significant convergence on the bearish trend. The formation of lower lows that respected the trend line created the convergence.

EURCHF Price Continues to Decline

EURCHF Short-Term Trend: Bearish

Price action has indicated bearishness as it breached the 0.96800 demand level and disrupted the market structure. However, the 0.95500 level has provided support for the price, allowing for a pullback to close the Fair Value Gap and maintain the bearish trend.

 

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