EUR/CHF Is In a Downtrend, Hovers Above Level 1.0980

EUR/CHF Is In a Downtrend, Hovers Above Level 1.0980

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 has resumed a downward move after retesting level 1.1100. The pair was earlier fluctuating between levels 1.100 and 1.1150. The price has broken the lower price range. On March 8 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that EUR/CHF will fall to level 2.618 Fibonacci extension or 1.0840.

EUR/CHF – Daily Chart

Daily Chart Indicators Reading:
The pair has fallen to level 44 of the Relative Strength Index period 14. It implies that the pair is in the downtrend zone and below the centerline 50. EUR/CHF price has broken 21-day SMA and approaching the 50-day SMA. A break below the SMAs will mean resumption of selling pressure.

EUR/CHF Medium-term Trend: Bearish
On the 4-hour chart, the pair is in a downward move. Yesterday, the currency pair fell to a low of level 1.0980. The support has been holding in the last 24 hours. The upward move has resumed as the support holds. However, if price faces another rejection at the recent high, the downtrend will resume.

EUR/CHF – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping downward indicating the downtrend. The pair is also above the 25% range of the daily stochastic. It indicates that the market is in a bullish momentum.

General Outlook for EUR/CHF
Presently, the EUR/CHF pair is falling. On the daily chart if price breaks below the 50-day SMA, the selling pressure will resume. Alternatively, the market will decline if price breaks below level 1.0980.

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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.