EUR/CHF Is in a Downward Move, Faces Rejection at Level 1.0850

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 1.0822 and it is facing resistance at the recent high. On November 10 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. This implies that the pair will reach level 1.618 Fibonacci extensions. In other words, the high of level 1.0994.

Daily Chart Indicators Reading:
The pair is at level 66 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 index has resumed a downward move. The candlesticks of today are showing long wicks which indicate there is strong selling pressure at higher levels. On November 27 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. It indicates that the pair will reach level 1.618 Fibonacci extensions or the high of level 1.0849.

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 pair is in a bullish momentum and it is trading in the overbought region.

General Outlook for EUR/CHF
EUR/CHF is in an upward move and it is currently trading at level 1.0844. It is currently facing rejection at level 1.0850. The Fibonacci tool analysis has indicated an upward move to level 1.0994.


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