EUR/CHF Drops to Level 1.0600 to Resume Uptrend, Targets Level 1.0716

EUR/CHF Drops to Level 1.0600 to Resume Uptrend, Targets Level 1.0716

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
The pair is currently falling but the selling pressure has been exhausted. A green correction candle body tested the 0.786 retracement level. It indicates that the pair is going to fall and reach the low of level 1.272 extension level. The price has fallen and tested  level 1.272 extension level. A buy order is likely.

EURCHF – Daily Chart

Daily Chart Indicators Reading:
The pair is at level 50 of the Relative Strength Index period 14. it implies that the market has reached a balance between supply and demand. The 50-day SMA and 21-day SMA are sloping upward. It indicates the present upward move.

EUR/CHF Medium-term Trend: Bullish
On the 4-hour chart, the pair is fluctuating between level 1.0620 and 1.0700. The market price has broken above the support line and the EMAs, suggesting a further upward movement of the pair. The market is approaching the high of level 1.0716.

EUR/CHF – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day and 21-day SMA are sloping horizontally indicating the sideways move. The pair is above 70% range of the daily stochastic. It indicates that the market is in approaching the overbought region. The market is still in a bullish momentum.

General Outlook for EUR/CHF
The EUR/CHF has resumed uptrend as the market is expected to terminate at the 0.786 Fibonacci retracement level. In other words, the market will reach a high of level 1.0716.

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