EUR/CHF Faces Rejection at Level 1.0800, Resumes Uptrend

EUR/CHF Faces Rejection at Level 1.0800, Resumes Uptrend

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 in an upward move but was resisted at level 1.0800. The market retraces to level 1.0720 and resume a fresh uptrend. A correction candle body tested the 0.786 Fibonacci retracement level. It indicates that the pair will rise and reach level 1.272 Fibonacci extension level. EUR/CHF will rise and reach level 1.0833.

EUR/CHF – Daily Chart

Daily Chart Indicators Reading:
The pair is at level 56 of the Relative Strength Index period 14. It implies that the market has reached the uptrend zone and above the centerline 50. 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 falling after testing the resistance zone of level 1.0800. The market will retrace to level 1.0716 before the resumption of the uptrend.

EUR/CHF – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day and 21-day SMA are sloping upward indicating the uptrend. The pair is above 25% range of the daily stochastic. It indicates that the market is in a bullish momentum.


General Outlook for EUR/CHF
The EUR/CHF has resumed uptrend after testing the low of 1.0720. The previous uptrend was terminated at level 1.0800.


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