EUR/CHF Is in a Downtrend, Retraces to Retest Level 1.06640

EUR/CHF Is in a Downtrend, Retraces to Retest Level 1.06640

Key Resistance Levels: 1.09000, 1.10000, 1.11000
Key Support Levels: 1.05400, 1.05200, 1.05000

EUR/CHF Price Long-term Trend: Bearish
EUR/CHF pair is in a downward move. The uptrend has been terminated as the market drops to level 1.06559. A correction candle body is testing the 0.786 Fibonacci retracement level. It indicates that the market will reach a low of 1.272 extension level. At this Fibonacci extension level, the pair has reached bearish exhaustion. The market will reverse at any point in time. EUR/CHF reversal is not likely to be immediate.

EUR/CHF – Daily Chart

Daily Chart Indicators Reading:
EUR/CHF has fallen to level 45 of the Relative Strength index period 14. The pair is now in the downtrend zone and below the centerline 50. The 50-day SMA and 21-day SMA are sloping upward which indicates the previous trend.

EUR/CHF Medium-term Trend: Bearish
On the 4-hour chart, the EUR/CHF pair is in a downtrend. The pair is falling in a descending channel. The market is still likely to fall as the pair faces resistance  at the downtrend line. EUR/CHF is likely fall and reach the low of level 1.06000 and thereafter reverse.

EUR/CHF – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping downward. It indicates the downtrend. The pair is above 20% range of the daily stochastic. The currency pair is in bullish momentum. The price action indicates bullish signals.

General Outlook for EUR/CHF
EUR/CHF pair is likely to continue in a downward move. However, the pair is making some correction upward. Thereafter, the downtrend will resume.

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