EUR/CHF Resumes Downtrend, Targets Level 1.0759

EUR/CHF Resumes Downtrend, Targets Level 1.0759

Key Resistance Levels: 1.0800, 1.0900, 1.1000
Key Support Levels: 1.0600, 1.0500, 1.0400

EUR/CHF Price Long-term Trend: Ranging
EUR/CHF is in a range-bound movement. The market is fluctuating between level 1.0750 and 1.0850. The sideways trend has been ongoing since July. A bullish trend line is drawn showing the support levels of the market. The price is rising and approaching level 1.0793.

EUR/CHF – Daily Chart

Daily Chart Indicators Reading:
The pair is at level 54 of the Relative Strength Index period 14. It implies that the market is in the sideways movement 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 pair is now on a downward move. A green candle tested the 78.6 % Fibonacci retracement level. It indicates that the pair will fall and reach the 1.272 Fibonacci extension level. That is the low of 1.0759.

EUR/CHF – 4 Hour Chart

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

General Outlook for EUR/CHF
EUR/CHF is in a sideways move but has resumed a downward move. The pair is facing rejection at level 1.0820 as it resumes a downward move. According to the Fibonacci tool analysis, EUR/CHF is likely to reach a low of 1.0759.


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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.