EUR/CHF Is Range Bound as the Pair Faces Rejection at 1.0800

EUR/CHF Is Range Bound as the Pair Faces Rejection at 1.0800

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 still trapped between levels  1.0700 and 1.0800. Today, buyers are still making frantic efforts to break above the resistance line but were repelled. In previous instances, the pair made partial breakout and then pulled back into the range-bound zone.

EUR/CHF – Daily Chart

Daily Chart Indicators Reading:
The pair is at level 60 of the Relative Strength Index period 14. It implies that the market has reached the uptrend zone and above the centerline 50. The 50-day SMA and 21-day SMA are sloping sideways. It indicates the present sideways trend.

EUR/CHF Medium-term Trend: Ranging
On the 4-hour chart, the pair is fluctuating between level 1.0720 and level 1.0800. In August, buyers are attempting to break out of the range-bound movement but are faced with strong resistance at 1.0800. The upward move in early August has been terminated at the resistance at 1.0800. The price may have a downward move if it fails to break above the resistance.

EUR/CHF – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping sideways indicating the sideways trend. The pair is above 50% range of the daily stochastic. It indicates that the market is in a bullish momentum.

General Outlook for EUR/CHF
The EUR/CHF is range-bound as bulls and bears fail to break the key levels of the market. The sideways move will continue if the resistance and support levels remain intact. The first upward move in August has been terminated.



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