EUR/CHF Faces Rejection at 1.0867, Resumes Downward Move

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 been in a sideways move between levels 1.0730 and 1.0850 since December. Today, the price is falling after testing level 1.0840. The pair is falling but has found support above the 50-day SMA. The downward movement will continue if price breaks below the SMAs.

Daily Chart Indicators Reading:
The pair is at level 51 of the Relative Strength Index period 14. It implies that the market is in an uptrend zone. 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 a downward move. On January 8 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the pair will fall and reverse at level 1.272 Fibonacci extension. That is the low of level 1.0795.

2-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping downward indicating the downtrend. The pair is above the 20% range of the daily stochastic. It indicates that the price is in a bullish momentum.

General Outlook for EUR/CHF
EUR/CHF is falling but the price movement is rather slow. A downward movement of the pair is expected. According to the Fibonacci tool, the current upward move will reverse at level 1.0795


Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results