EUR/CHF Makes an Upward Move, Faces Resistance at Level 1.0850

EUR/CHF Makes an Upward Move, Faces Resistance at Level 1.0850

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
The pair has risen to level 1.0850 and it is facing resistance at the recent high. Today, the pair tested the resistance and was repelled. Since July the resistance level has not been broken. There is a likelihood of further downward move.

EURCHF – Daily hart

Daily Chart Indicators Reading:
The pair is at level 58 of the Relative Strength Index period 14. It implies that the price is in an uptrend zone and above the centerline 50. The 50-day SMA and 21-day SMA are sloping horizontally. It indicates a sideways trend.

EUR/CHF Medium-term Trend: Bullish
On the 4-hour chart, the index has resumed a downward move. The pair has already fallen to level 1.0738 and resumed upward. On December 17 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the pair will rise and reach level 2.0 Fibonacci extension. That is the high of level 1.0995.

EUR/CHF – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping downward indicating the downtrend. The pair is above the 40% range of the daily stochastic. It indicates that the pair is in a bullish momentum.

General Outlook for EUR/CHF
EUR/CHF has resumed its upward move. The market reverses whenever the pair reaches a high of 1.0850. According to the Fibonacci tool, the current uptrend will reach a high of level 1.0995.



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Author : Azeez Mustapha

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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.