EUR/CHF Is in a Sideways Move, a Downward Move Likely

EUR/CHF Is in a Sideways Move, a Downward Move Likely

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
The pair has risen to level 1.0822 and it is facing resistance at the recent high. EUR/CHF is in a sideways move below the overhead resistance. The pair will move up to level 1.0850 if the current resistance is broken. Otherwise, the downtrend will resume.

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: Ranging
On the 4-hour chart, the pair has resumed a sideways move below the resistance at 1.0820. The price is fluctuating between level 1.0780 and 1.0820. On the upside, a break above 1.0820 will enable the pair to rise. Also, a break below the 1.0780 support will make the pair to decline.

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 below the 40% range of the daily stochastic. It indicates that the market is in bearish momentum.

General Outlook for EUR/CHF
EUR/CHF is facing rejection at level 1.0820. The pair has been consolidating below the overhead resistance. There is a likelihood of a breakout or a breakdown as the price continues s to consolidate.



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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.