EUR/CHF Is in a Sideways Trend, Rebounds at Level 1.0749

EUR/CHF Is in a Sideways Trend, Rebounds at Level 1.0749

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. The price has been fluctuating between levels 1.0740 and 1.0860. On January 15, the market fell to the low 1.0750. It is assumed that an upward move is likely. Since December the market has been in a sideways move.

EUR/CHF – Daily Chart

Daily Chart Indicators Reading:
The pair is at level 44 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 18 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 1.0703. 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 below the 80% range of the daily stochastic. It indicates that the price is in a bearish momentum.

General Outlook for EUR/CHF
EUR/CHF is in a sideways trend. The price has continued to fluctuate since December. According to the Fibonacci tool, the current downtrend will reverse at level 1.0703. From the price action, the market has indicated bullish signals.


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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.