EUR/CHF Is in an Uptrend but It Is Struggling To Break Level 1.1100

EUR/CHF Is in an Uptrend but It Is Struggling To Break 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: Bullish
EUR/CHF is in an uptrend but the price pulled back on March 5. The uptrend has resumed but the market has reached the overbought region. On February 25 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the market will rise to level 1.618 Fibonacci level or the high of level 1.1286.

EUR/CHF – Daily Chart

Daily Chart Indicators Reading:
The pair has risen to level 73 of the Relative Strength Index period 14. It implies that the price is in the uptrend zone. The market has reached the overbought region. The price may fall as a result of the overbought region. The 50-day SMA and 21-day SMA are sloping upward indicating an uptrend.

EUR/CHF Medium-term Trend: Bullish
On the 4-hour chart, the pair has resumed upward. Nonetheless, on March 4 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the price will rise to level 1.618 Fibonacci extensions or the high of level 1.1274.

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 above the 40% range of the daily stochastic. It indicates that the market is in a bullish momentum.

General Outlook for EUR/CHF
EUR/CHF is in an upward move. The pair is facing initial resistance at level 1.1100. The upward move will resume if this level is breached. Meanwhile, the Fibonacci tool has indicated an upward move pair. The pair is likely to reach level 1.1274.

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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.