Market Analysis – September 13
In August, EURCHF established a strong bearish break of structure, dropping below the significant swing low of 0.94800. Over the past few days, the sharp decline has paused unexpectedly, with the formation of a double bottom pattern on the daily chart, signaling potential short-term consolidation.
EURCHF Key Levels
- Supply Levels: 0.94780, 0.95670, 0.96430
- Demand Levels: 0.93400, 0.92860, 0.92110
EURCHF Long-Term Trend: Bearish
On the 24-hour chart, EURCHF’s major swing highs and lows have created a well-defined bearish channel, framed by a resistance trendline at the top and a supporting trendline below. After the formation of the recent major low at 0.92860, the price retraced to a key bearish order block around 0.95660, where sellers reentered the market.
This bearish order block initiated significant selling pressure, driving the price back down to 0.93080. A further decline to break through the previous swing low at 0.92860 was expected. The descent has temporarily paused, forming a double bottom that suggests a potential short-term stall in the downtrend.
EURCHF Short-Term Outlook: Bullish
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