EUR/CHF Is in a Choppy Price Action, Resumes Downward Move

Estimated Reading Time: 2 minutes

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Azeez Mustapha

Updated: 13 October 2022

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 still trapped between levels of 1.0700 and 1.0800. Price is fluctuating in the middle of price range. The pair is falling and approaching the lower price range. Since July, the key levels of the market are yet to be broken as price continues its fluctuation.

Daily Chart Indicators Reading:
The pair is at level 51 of the Relative Strength Index period 14. It implies that the market has reached the uptrend zone and above the centerline 50. The 50-day SMA and 21-day SMA are sloping sideways. It indicates the present sideways trend.

EUR/CHF Medium-term Trend: Ranging
On the 4-hour chart, the pair is fluctuating between level 1.0720 and 1.0800. Today, price is falling toward the lower price range. The fluctuation is likely to terminate in the middle of price range. The pair is in choppy price action.

4-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping sideways indicating the sideways trend. The pair is below 40% range of the daily stochastic. It indicates that the market is in a bullish momentum.

General Outlook for EUR/CHF
The EUR/CHF is range-bound but the pair is falling and approaching the lower price range. The consolidation may continue as the market is in a choppy price action.

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