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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
EUR/CHF pair is in a downward move since March. In April, the currency pair broke below the moving averages as the selling pressure resumes. On March 16, a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that EUR/CHF is likely to fall to level 2.618 Fibonacci extension or level 1.0821.
Daily Chart Indicators Reading:
The pair is at level 37 of the Relative Strength Index period 14. It implies that the pair is in the downtrend zone and it is below the centerline 50. EUR/CHF is approaching the oversold region of the market. The 21-day SMA and the 50-day SMA are sloping downward indicating the downtrend.
EUR/CHF Medium-term Trend: Bearish
On the 4-hour chart, the pair is falling. EUR/CHF pair corrected upward and retested level 1.1000. This signals the resumption. Meanwhile, on May 23 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the pair will fall to level 2.0 Fibonacci extensions or the low of level 1.0844.
4-hour Chart Indicators Reading
The moving averages are sloping downward indicating the downtrend. The pair is below the 40% range of the daily stochastic. It indicates that the market is in a bearish momentum.
General Outlook for EUR/CHF
EUR/CHF pair is in a downward move. On January 15, the currency pair corrected upward to level 1.0905 but was resisted. The market is likely to reach level 2.0 Fibonacci level or level 1.0844.
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