EUR/CHF Finds Support above Level 1.0926, Resumes Up trending

EUR/CHF Finds Support above Level 1.0926, Resumes Up trending

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 has been in a downward movement since March 4. The pair was rejected from the high of 1.1150. Today, the market has declined to a low of 1.0926. The pair has been making a series of lower highs and lower lows. The downtrend may continue as price breaks below the moving averages.

EUR/CHF – Daily Chart

Daily Chart Indicators Reading:
EUR/CHF is at level 45 of the Relative Strength Index period 14. It implies that the pair is in the downtrend zone and it is below the centerline 50. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.

EUR/CHF Medium-term Trend: Bearish
On the 4-hour chart, the pair is in a downward move. Today, the pair corrected upward but it is facing resisted at the recent high. Meanwhile, on April 30 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the pair will fall to level 1.618 Fibonacci extension or the low of 1.0889.

EUR/CHF – 4 Hour Chart

4-hour Chart Indicators Reading
The moving averages are sloping downward indicating the downtrend. The market is also above the 60% range of the daily stochastic. EUR/CHF is in a bullish momentum but it is currently facing rejection at the recent high.


General Outlook for EUR/CHF
EUR/CHF pair may resume downward if it faces rejection at level 1.0970. The uptrend is also facing rejection at the 50-day SMA. According to the Fibonacci tool, the market will decline to level 1.0889.

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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.