EUR/CHF Unable to Break Level 1.08200, a Downward Move Likely

EUR/CHF Unable to Break Level 1.08200, a Downward Move 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 risen to level 1.0820 and it is facing resistance at the recent high. The recent high has not been broken since September. The price is fluctuating below the recent high. The downtrend will resume if price breaks above the resistance level.

EUR/CHF – Daily Chart

Daily Chart Indicators Reading:
The pair is at level 62 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: Bearish
On the 4-hour chart, the pair has resumed a downward move. On November 18 downtrend; a retraced candle body tested 61.8% Fibonacci retracement level. This indicates that the pair will decline to level 1.618 Fibonacci extensions. That is the low of 1.0790.

EUR/CHF – 1 Hour Chart

4-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping upward indicating the uptrend. The pair is below the 40% range of the daily stochastic. It indicates that the market is in bearish momentum.

General Outlook for EUR/CHF
EUR/CHF is facing rejection at level 1.0820. The pair may resume a downward move as the overhead resistance has not been broken, According to the Fibonacci tool analysis, the market will reach the low of 1.0790.

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Author : Azeez Mustapha


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