EUR/CHF Resumes a Downward Move, Targets Level 1.0625

EUR/CHF Resumes a Downward Move, Targets Level 1.0625

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
EUR/CHF is in a downward move. The bears have broken the lower price range as it continues the downward move. The downtrend may continue if price breaks below level 1.0700. The selling pressure will continue to a low of 1.0625.

EUR/CHF – Daily Chart

Daily Chart Indicators Reading:
The pair is at level 41 of the Relative Strength Index period 14. It implies that the market is in the downtrend zone and below the centerline 50. The 50-day SMA and 21-day SMA are sloping horizontally. It indicates the previous sideways move.

EUR/CHF Medium-term Trend: Bearish
On the 4-hour chart, the pair is on a downward move. A retraced green candle body tested the 88.6% Fibonacci retracement level. The pair ought to drop to 1.129 Fibonacci extension level but has continued falling. From the price action, the downward move will persist.

EUR/CHF – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping sideways indicating the previous trend. 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 now in a downtrend. The downtrend is likely to persist once level 1.0700 is breached. The pair is likely to fall to the low of 1.0625. However, if the support at level 1.0700 holds, the market will resume an upward move.

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Author : Azeez Mustapha


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