EUR/CHF Rebounds as It Rallies to 1.0776 High, Further Upside Likely

EUR/CHF Rebounds as It Rallies to 1.0776 High, Further Upside Likely

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 fallen to the low at 1.0672 and rebounded. The price has broken through the previous resistance level. The rally reached the high of level 1.0776. The uptrend is likely to continue as price breaks above the SMAs.

EUR/USD – Daily Chart

Daily Chart Indicators Reading:
The pair is at level 61 of the Relative Strength Index period 14. It implies that the market is in an uptrend zone and above the centerline 50. The 50-day SMA and 21-day SMA are sloping horizontally. It indicates the sideways trend.

EUR/CHF Medium-term Trend: Bullish
On the 4-hour chart, the pair is also in an upward move. The pair rebounded above level 1.06850 to resume an upward move. On November 5 uptrend; a retraced candle body tested 38.2% Fibonacci retracement level. This means that the pair will rise and reverse at level 2.618 Fibonacci extensions. That is at a high of 1.0831.

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 50% range of the daily stochastic. It indicates that the market is in a bullish momentum.

General Outlook for EUR/CHF
EUR/CHF is above the current support level. The price rally has reached a high of level 1.0776. According to the Fibonacci tool, the market will rise and reached a level of 2.618 Fibonacci extensions. That is the high of 1.0831.


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

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
Share with other traders!

Author : Azeez Mustapha

Avatar

Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.