EUR/CHF Rallies May Continue, Uptrend Reversal Likely at Level 1.0862

EUR/CHF Rallies May Continue, Uptrend Reversal Likely at Level 1.0862

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 it rebounded. The rally continued to the high of level 1.08100. The pair is facing resistance at the recent high as the price retraced to level 1.0795. The uptrend is likely to continue as the pair is in the bullish trend zone.

EUR/CHF – Daily Chart

Daily Chart Indicators Reading:
The pair is at level 63 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 current upward move is facing resistance at level 1.0820. The price was repelled as the market reached a low of 1.0782. A retraced candle body tested 78.6% Fibonacci retracement level. This indicates that the current uptrend will rise and retraced at level 1.272 Fibonacci extensions.

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 80% range of the daily stochastic. It indicates that the market is in the overbought region. Later sellers may emerge.

General Outlook for EUR/CHF
EUR/CHF is still in an uptrend and may continue the upward move. However, the uptrend is likely to terminate soon. According to the Fibonacci tool, the market will rise and reached level 1.272 Fibonacci extensions. That is the market will reverse at the high of 1.0862.



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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.