EUR/CHF Is in a Brief Retracement, May Resume Upward Move

EUR/CHF Is in a Brief Retracement, May Resume Upward Move

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 but it is currently retracing. In the first uptrend, the price reached a high of level 1.1100 and was repelled. The pair fell to level 1.0956 and resumed fluctuation. On February 24 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 the high of level 1.1289.

EUR/CHF – Daily CHart

Daily Chart Indicators Reading:
The pair has fallen to level 68 of the Relative Strength Index period 14. It implies that the price is in the uptrend zone. 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 retracing. The market has already fallen to level 1.0960 and pulled back. EUR/CHF is falling again revisiting the previous low. However, on February 26 downtrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the price will fall to level 1.272 Fibonacci level or the low of level 1.0915 and reverse.

EUR/CHF – 1 Hour Chart

4-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping upward indicating the uptrend. The pair is below the 30% range of the daily stochastic. It indicates that the market is in a bearish momentum.

General Outlook for EUR/CHF
EUR/CHF is in an upward move. It is presently falling because the price is in the overbought region of the market. The uptrend will resume if price retraces ad finds support above the previous low.

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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.