EUR/CHF Is in a Sideways Move, Resumes Upward to Retest Level 1.0860

EUR/CHF Is in a Sideways Move, Resumes Upward to Retest Level 1.0860

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
The pair has been in a sideways move as it fluctuates between levels 1.0750 and 1.0860. EUR/CHF has been in a downward move as it fell to level 1.0750 on January 15. The market is moving up to retest level 1.0860 resistance levels.

EUR/CHF – Daily Chart

Daily Chart Indicators Reading:
The pair is at level 46 of the Relative Strength Index period 14. It implies that the market is in the downtrend zone. The 50-day SMA and 21-day SMA are sloping horizontally. It indicates a sideways trend.

EUR/CHF Medium-term Trend: Bearish
On the 4-hour chart, the index has reached bearish exhaustion. On January 25 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the pair will rise to a level at 2.0 Fibonacci extension. That is the high of level 1.0810.

EUR/CHF – 3 Hour Chart

3-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping downward indicating the downtrend. The pair is above 68% of the daily stochastic. It indicates that the price is in a bullish momentum but the stochastic bands are horizontally flat.

General Outlook for EUR/CHF
EUR/CHF is in a sideways trend. Since December, the market has been fluctuating within a confined range. The price has just fallen to level 1.0750 and it is resuming upward. According to the Fibonacci tool, the pair will rise to level 1.0810.


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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.