EUR/CHF Resumes Downward After a Retest at Level 1.0830

EUR/CHF Resumes Downward After a Retest at Level 1.0830

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 been rejected at level 1.0850 and has fallen to the low at 1.0846. The bulls have bought the dips but were overwhelmed by the bears. The price is above the support of the 21-day SMA. The pair will move up if the support holds.

EUR/CHF – Daily Chart

Daily Chart Indicators Reading:
The pair is at level 50 of the Relative Strength Index period 14. It implies that there is a balance between supply and demand. 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 an upward move. On December 31 downtrend ; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the pair will fall and reach level 1.618 Fibonacci extension. That is the low of level 1.07576.

EUR/CHF – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping downward indicating the downtrend. 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 downward move. According to the Fibonacci tool, the current downward move will reach a low of level 1.0757.



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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.