EUR/CHF Is in an Upward Move, Targets Level 1.0792

EUR/CHF Is in an Upward Move, Targets Level 1.0792

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 pair is now in an upward move from the low of 1.0688. The market has reached bearish exhaustion. The pair will revisit the previous range-bound zone. Today, the price is retracing after the recent high.

EUR/CHF – Daily Chart

Daily Chart Indicators Reading:
The pair is at level 40 of the Relative Strength Index period 14. It implies that the market is in the sideways movement and below 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 resuming an upward move. On October 21 uptrend; a retraced candle body tested the 38.2% Fibonacci retracement. The pair is in a bullish momentum and it is expected to reach the high 2.618 Fibonacci extension. That is a high of 1.0792.

4-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping sideways indicating the previous trend. The pair is below the 80% range of the daily stochastic. It indicates that the market is in a bearish momentum.

General Outlook for EUR/CHF
EUR/CHF is making an upward move. The current uptrend has resumed and the pair is trading at level 1.0726. According to the Fibonacci tool, the market will reach a high of 2.618 extension or level 1.0792.


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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.