EUR/CHF Is In A Sideways Trend, Targets Level 1.1100

EUR/CHF Is In A Sideways Trend, Targets 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
Since March 4, the EUR/CHF has been in a sideways move. Buyers have not been able to push the pair above level 1.1100. Each time, the market rises to level 1.1100, the currency pair will fall to level 1.1000. This has been the price action for the past one month. Today, the pair is rising and a retest at level 1.1100 is likely.

EUR/CHF – Daily Chart

Daily Chart Indicators Reading:
The currency pair is at level 51 of the Relative Strength Index period 14. It implies that there is a balance between supply and demand. The 21-day SMA and the 50-day SMA are sloping upward.

EUR/CHF Medium-term Trend: Bullish
On the 1-hour chart, the pair is in an upward move. The upward move has broken above the SMAs which has indicated a possible rise in price . Meanwhile, on April 19 uptrend, a retraced candle body tested the 61.8%Fibonacci retracement level. The retracement indicates that the pair will rise to level 1.618 Fibonacci extension or the high of 1.1036.

EUR/CHF -4 Hour Chart

4-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping upward indicating the uptrend. The pair is also above the 80% range of the daily stochastic. It indicates that the market has reached the overbought region as sellers are likely to emerge.

General Outlook for EUR/CHF
EUR/CHF pair is in a sideways move. Buyers are yet to break level 1.1100 resistance level. A break above the resistance will signal the resumption of uptrend. Since the Relative Strength Index is at level 51, there is the possibility of further upside momentum. This is even though the pair is above 80% range of the daily stochastic.


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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.