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. The pair is facing rejection at the high of level 1.1150. The currency pair has fallen to the low of level 1.0926. It corrected upward but it is being resisted at the 21-day SMA. Meanwhile, on April 12 downtrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement gives the impression that EUR/CHF is likely to reach the 1.618 Fibonacci extension or level 1.0889.
Daily Chart Indicators Reading:
EUR/CHF is at level 47 of the Relative Strength Index period 14. It indicates that the market is in the downtrend zone and it is below the centerline 50. 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 currency pair corrected upward. EUR/CHF was resisted at the high of 1.0985. The price fell to the support at 50-day SMA and resumed upward. The selling pressure will resume once price breaks below the SMAs. On May 13 downtrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the pair will fall to the low of 1.618 Fibonacci extension or level 1.0898.
4-hour Chart Indicators Reading
The 21-day and 50-day SMAs are sloping horizontally. The pair is also above the 60% range of the daily stochastic. EUR/CHF is in a bearish momentum but it is currently facing rejection at the recent high.
General Outlook for EUR/CHF
EUR/CHF pair will resume a downward move if it fails to break the resistance at level 1.1000. The selling pressure is likely as the pair trades in the bearish trend zone. The currency pair is likely to reach a low of level 1.0898.
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