EUR/CHF Is in a Sideways Move, Faces Rejection at Level 1.0860

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
EUR/CHF is making an upward move. The uptrend is facing resistance at level 1.0860. The daily candlestick is having long wicks indicating that there is strong selling pressure at higher price levels. On December 17 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The pair will rise and reach level1.618 Fibonacci extension. That is the high of 1.0923.

Daily Chart Indicators Reading:
The pair is at level 58 of the Relative Strength Index period 14. It implies that the price is in an uptrend zone and above the centerline 50. The 50-day SMA and 21-day SMA are sloping horizontally. It indicates a sideways trend.

EUR/CHF Medium-term Trend: Bullish
On the 4-hour chart, the index has resumed a downward move. The upward move reached a high of level 1.0890. The price fell from level 1.0890 to the low of 1.0820 and resume upward. The upward move is facing resistance at level 1.0850.

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

General Outlook for EUR/CHF
EUR/CHF has resumed its upward move. The market reverses whenever the pair reaches a high of 1.0850. According to the Fibonacci tool, the current uptrend will reach a high of level 1.0995.


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