EUR/CHF Fluctuates Between Levels 1.1100 and 1.1150, Targets Level 1.1289

EUR/CHF Fluctuates Between Levels 1.1100 and 1.1150, Targets Level 1.1289

Key Resistance Levels: 1.0800, 1.0900, 1.1000
Key Support Levels: 1.0600, 1.0500, 1.0400

EUR/CHF Price Long-term Trend: Ranging
EUR/CHF is in an uptrend. Presently, the pair is in a sideways trend. The sideways move became necessary because the uptrend is facing resistance at level 1.1150. In other words, the market is fluctuating between levels 1.1100 and 1.1150, On February 25 uptrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the market will rise to level 1.618 Fibonacci level or a high of 1.1289.

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 uptrend zone. The currency pair is capable of rallying on the upside. The 50-day SMA and 21-day SMA are sloping upward indicating an uptrend.

EUR/CHF Medium-term Trend: Bullish
On the 4-hour chart, the market is range-bound between levels 1.1100 and 1.1150. On March 26 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement implies that the pair will fall to level 1.618 Fibonacci extensions or level 1.1127.

EUR/CHF – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping horizontally indicating the downtrend. The pair has resumed upward move. EUR/CHF is above the 25% range of the daily stochastic. It indicates that the market is in a bullish momentum.

General Outlook for EUR/CHF
Presently, EUR/CHF pair is in a sideways move since March 4. The uptrend will resume if price breaks the resistance at level 1.1150. According to the Fibonacci tool, the pair has a target price of 1.618 Fibonacci extension which is level 1.1289.


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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.