EUR/CHF Reaches Bearish Exhaustion, May Reverse at Level 1.0749

EUR/CHF Reaches Bearish Exhaustion, May Reverse at Level 1.0749

Key Resistance Levels: 1.0800, 1.0900, 1.1000
Key Support Levels: 1.0600, 1.0500, 1.0400

EUR/CHF Price Long-term Trend: Bearish
Since March 5, EUR/CHF pair has been in a downward move. The currency pair has fallen from the high of level 1.1100 to 1.0811. From the recent downtrend, the market appears to reach bearish exhaustion. Meanwhile, on July 14 downtrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the pair will fall but reverse at level 1.272 Fibonacci retracement level or level 1.0749.

EUR/CHF – Daily Chart

Daily Chart Indicators Reading:
The currency pair is at level 38 of the Relative Strength Index period 14. It implies that the pair is in the downtrend zone and below the centerline 50. The market is approaching the oversold region. The 21-day SMA and the 50-day SMA are sloping downward indicating the downtrend.

EUR/CHF Medium-term Trend: Ranging
On the 4 hour chart, the pair is in a sideways trend. Since July 8, the market has been consolidating between levels 1.0810 and 1.0860. The currency price has broken the lower price range. The pair has fallen to the oversold region of the market.

EUR/CHF – 4 Hour Chart

4-hour Chart Indicators Reading
The pair is above the 25% range of the daily stochastic. It indicates that the market is in a bullish momentum. The 21-day and 50-day SMAs are sloping horizontally indicating the sideways trend. The uptrend will resume if the price breaks above the support line of the horizontal line.

General Outlook for EUR/CHF
EUR/CHF has reached bearish exhaustion. The pair is retesting level 1.0795 to resume upward. If level 1.0795 support holds it will signal the resumption of an upward move. However, according to the Fibonacci tool, the market will reverse at level 1.272 Fibonacci retracement level or level 1.0749.

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EUR/CHF Imminent Upside Breakout!

EUR/CHF Imminent Upside Breakout!

EUR/CHF is trapped within a triangle pattern. An upside breakout from this pattern could activate a strong upside momentum. The pair moves sideways in the short term signaling that the downside movement could be over.

The ECB monetary policy meeting could be decisive tomorrow. This high-impact event could bring a clear direction. The European Central Bank is expected to maintain its Main Refinancing Rate steady at 0.00%.

EUR/CHF H4 Technical Analysis!

EUR/CHF has retested the ascending pitchfork’s lower median line (LML) and now is back above the weekly pivot point (1.0841). Making an upside breakout from this pattern could signal more gains.

The ascending pitchfork’s median line (ML) is seen as a potential upside target if EUR/CHF makes a new higher high. Actually, the price action has developed an Inverse Head & Shoulders pattern.

Conclusion!

Jumping and stabilizing above 1.0868 high, which is seen as the neckline, validates an important growth.

 

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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Author : Olimpiu Tuns

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Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms.