EUR/CHF Reaches Oversold Region, May Resume Uptrend at Level 1.0665

EUR/CHF Reaches Oversold Region, May Resume Uptrend at Level 1.0665

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 been on a downward move since September 25. The current downtrend resumes after a retest at level 1.0672. The market is still falling. On October 15 downtrend, a retraced candle body tested the 78.6% Fibonacci retracement level. This indicates that the market will fall and reach a level of 1.272 Fibonacci extensions. At this price level, the market is expected to rise.

EUR/CHF – Daily Chart

Daily Chart Indicators Reading:
The pair is at level 40 of the Relative Strength Index period 14. It implies that the market is in a downtrend and below 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. On November 4 downtrend; a retraced candle body tested 78.6% Fibonacci retracement level. This means that the pair will fall and reverse at level 1.272 Fibonacci extensions. That is at the low of 1.0665.

EUR/CHF – 15 Min 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 a downward move but may resume uptrend at level 1.0665. According to the Fibonacci tool, the market will fall and reverse at level 1.272 Fibonacci extensions.



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Author : Azeez Mustapha

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