EUR/CHF Is in a Downward Move, May Reach the Low of 1.0744

EUR/CHF Is in a Downward Move, May Reach the Low of 1.0744

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. Today candlestick has a long wick at the upper price level. This indicates a strong selling pressure at a higher price level.Therefore the pair is likely to fall.

EUR/CHF -Daily Chart

Daily Chart Indicators Reading:
The pair is at level 66 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: Bearish
On the 4-hour chart, the index has resumed a downward move. On November 24 downtrend; a retraced candle body tested 38.2% Fibonacci retracement level. This indicates that the pair will fall to level 2.618 Fibonacci retracement level. That is the low of 1.0744.

EUR/CHF – 1 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 in a downward move. The pair is facing rejection from level 1.0850. The Fibonacci tool analysis has indicated a downward move to level 1.0744.


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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.