EUR/CHF Is in a Downtrend, May Decline to Level 1.0731
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EUR/CHF Is in a Downtrend, May Decline to Level 1.0731

Estimated Reading Time: 2 minutes
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Azeez Mustapha

Updated:

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 risen to level 1.0850 and it is facing resistance at the recent high. On December 2, the pair faced rejection at the recent high. The market has been on a downward move after the rejection. The price has just broken below the SMAs. It is an indication of a downward movement of prices.

EUR/CHF – Daily Chart

Daily Chart Indicators Reading:
The pair is at level 42 of the Relative Strength Index period 14. It implies that the pair is in a downtrend. The 50-day SMA and 21-day SMA are sloping horizontally. It indicates the sideways trend.

EUR/CHF Medium-term Trend: Bearish
On the 4-hour chart, the index has resumed a downward move. On December 8 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. It indicates that the pair will reach level 1.618 Fibonacci extensions or the low of level 1.0731.

EUR/CHF – 2 Hour Chart

4-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping downward indicating the downtrend. The pair is below the 25% range of the daily stochastic. It indicates that the pair is in a bearish momentum and it is trading in the oversold region.

General Outlook for EUR/CHF
EUR/CHF has reached bearish exhaustion as it reaches the oversold region. According to the Fibonacci tool, the market will fall and reached a low of level 1.0731.


Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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