EUR/CHF Is in a Sideways Move, Faces Rejection at Level 1.1100


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 a sideways move. After the rejection at level 1.1150, the market fell to level 1.1000 since March 16. Today, the pair is still fluctuating between levels 1.1000 and 1.1100. Yesterday, the pair tested the resistance at 1.1100 and fell to the support of the 21-day SMA. The market is rising upward.

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 now trading above the moving averages which indicates a possible rise in price. The SMAs are sloping upward indicating the uptrend.

EUR/CHF – Daily Chart

EUR/CHF Medium-term Trend: Ranging
On the 4-hour chart, the market is range-bound between levels 1.1100 and 1.1150. The market fell to the low of 1.1049 and resumed upward. The current upward move is approaching the resistance at level 1.1100. If the pair breaks the resistance, the market will resume an uptrend. Otherwise, the range-bound move will continue.

EUR/CHF – 3 Hour Chart

4-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping horizontally indicating the sideways trend. The pair is also above the 40% 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 in a range-bound movement since March. The pair will trend if the range-bound levels are breached. Presently, the upward move is facing resistance at 21-day SMA.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.