EUR/CHF Falls To Level 1.0738, Resumes Upward Move

EUR/CHF Falls To Level 1.0738, Resumes Upward Move

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 1.0785 and it is facing resistance at the recent high. On December 10 downtrend, A retraced candle body tested the 78.6% Fibonacci retracement level. It indicates that the pair will fall and reverse at level 1.272 Fibonacci extension.

EUR/CHF – Daily Chart

Daily Chart Indicators Reading:
The pair is at level 48 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. The pair has already fallen to level 1.0738 and resumed upward. The upward move is facing resistance at level 1.07850.

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 below the 80% 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. The pair is trying to make an upward move. According to the Fibonacci tool, the market will fall and reversed at level 1.0704

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Author : Azeez Mustapha


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