EUR/CHF Falls and Finds Support Above Level 1.100, Resumes Uptrend

EUR/CHF Falls and Finds Support Above Level 1.100, 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
EUR/CHF is in an uptrend. The pair has been in a downward move but has found support above level 1.100. On February 26, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement on February 26 indicates that the market will rise to level 1.618 Fibonacci level or a high of 1.1284.

EUR/CHF – Daily Chart

Daily Chart Indicators Reading:
The pair has risen to level 55 of the Relative Strength Index period 14. It implies that the market is in the bullish trend zone. It indicates a possible rise of the pair. The 50-day SMA and 21-day SMA are sloping upward indicating an uptrend.


EUR/CHF Medium-term Trend: Bearish
On the 4-hour chart, the pair is in a downward move. The downtrend resumed after an unsuccessful attempt to break the high of level 1.1080. On March 21 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the price will fall to level 2.0 Fibonacci extensions or the low of level 1.1002. However, from the price action, the pair has fallen and reversed at level.1.1010.

EUR/CHF – 1 Hour Chart

1-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping horizontally indicating the downtrend. The pair has resumed upward move. The price is approaching the overbought region above the 80% range of the daily stochastic. It indicates that the market is in a bullish momentum.


General Outlook for EUR/CHF
EUR/CHF has fallen and found support above level 1.100. The currency pair may resume the uptrend. Since March 16, the market has been consolidating above the current support. The Fibonacci tool has indicated a possible rise to level 1.618 extension or level 1.1284

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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.