EUR/CHF Resumes Uptrend and Reverses at Level 1.0754

EUR/CHF Resumes Uptrend and Reverses at Level 1.0754

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 but it is currently falling. The price has fallen to the previous low of December 9. Nonetheless, on December 10, the pair rebounded and resumed an upward move. Today, there are bullish signals as the market makes an upward move.

EUR/CHF – Daily Chart

Daily Chart Indicators Reading:
The pair is at level 39 of the Relative Strength Index period 14. It implies that the market is in the downtrend zone. The 50-day SMA and 21-day SMA are sloping horizontally. It indicates a sideways trend.

EUR/CHF Medium-term Trend: Bearish
On the 4-hour chart, the index has reached bearish exhaustion. On January 14 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 1.0754. From the price action, the market has reversed.

EUR/CHF – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping downward indicating the downtrend. The pair is above the 60% range of the daily stochastic. It indicates that the price is in a bullish momentum.

General Outlook for EUR/CHF
EUR/CHF selling pressure has been exhausted as the market resumed upward. The upward move is facing resistance from the recent high. According to the Fibonacci tool, the current downtrend will reverse at level 1.0754. At this level, the market will move up.


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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.