EUR/CHF Breaks Level 1.0850 Overhead Resistance, Resumes Upside Momentum

EUR/CHF Breaks Level 1.0850 Overhead Resistance, Resumes Upside Momentum

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

EUR/CHF Price Long-term Trend: Bullish
EUR/CHF is in a strong uptrend. The bulls have finally broken the resistance at level 1.0850 which has been holding since November 2020. The price has risen above level 1.0900. Meanwhile, on February 8 uptrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that the pair will rise to level 2.618 Fibonacci extensions. That is the high of level 1.1000.

EUR/CHF – Daily chart

Daily Chart Indicators Reading:
The pair has risen to level 73 of the Relative Strength Index period 14. It implies that the market is in the uptrend zone. However, the pair has not enough room to rally on the upside. The 50-day SMA and 21-day SMA are sloping upward indicating an uptrend.

EUR/CHF Medium-term Trend: Bullish
On the 4-hour chart, the index is in a smooth uptrend. The price is making a series of higher highs and higher lows. The current bullish momentum may subside as the pair reaches the overbought region. However, in a strong trend, the overbought condition may not hold.

EUR/CHF – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping upward indicating the uptrend. The pair is above the 80% range of the daily stochastic. It indicates that the market is in the overbought region.

General Outlook for EUR/CHF
EUR/CHF has resumed an uptrend. The bulls have broken the 3-month old resistance as the price rallied on the upside. According to the Fibonacci tool analysis, the market will reach a high of level 1.1000.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.