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Market Analysis: July 28
EURCHF has been experiencing a continuous decline following a bearish break of its structure. This downward trend was initiated after the swing low of 0.9880 formed on January 18th. During this downward delivery, the market has witnessed intense price action with noticeable pullbacks and ranges.
Key Levels for EURCHF
Demand Levels: 0.9650, 0.9600, 0.9500
Supply Levels: 0.9750, 0.9800, 0.9850
EURCHF Long-term Trend: Bearish
EURCHF Long-term Trend: BearishThe long-term trend for EURCHF remains bearish since the break of its structure on July 11th. The invalidation of the demand level at 0.9670 has opened the way for a significant bearish movement. The recent bearish displacements have been particularly steep, showing the market’s extreme weakness.
To illustrate the bearish trend, the Moving Averages with periods nine and twenty-one are currently positioned above the daily candles. Additionally, the Stochastic shows oversold conditions, suggesting a potential retracement before the continuation of the downward trend.
EURCHF Short-term Trend: Bearish
EURCHF Short-term Trend: BearishZooming in on the 4-hour chart, a shift in market structure has been observed, revealing a retracement on the twenty-four-hour chart. Once this retracement concludes, the downward trend is expected to resume, possibly leading to a sweep of the most recent low to reach the significant level of 0.9500.
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