EUR/CHF Has Resumed Uptrend but Battles Resistance at 1.0800 and 1.0850

Azeez Mustapha
16 December 2020 | Updated: 16 December 2020

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 is gradually making an upward in a sideways trend. On December 1, the uptrend was resisted at level 1.0850. The pair fell to level 1.0760 and resumed upward. EUR/CHF is moving up but faces resistance at level 1.0800.

EUR/CHF – Daily Chart

Daily Chart Indicators Reading:
The pair is at level 59 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 index has resumed an upward move. On December 16 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 1.0830.

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 70% range of the daily stochastic. It indicates that the pair is in a bullish momentum.

General Outlook for EUR/CHF
EUR/CHF is moving upward but it is battling with resistance at levels 1.0800 and 1.0850. According to the Fibonacci tool, the pair will rise and reach level 1.0830. The pair is trading in the uptrend zone.




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Azeez Mustapha

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.