EUR/CHF Is Range-Bound, Faces Rejection at Level 1.0780

EUR/CHF Is Range-Bound, Faces Rejection at Level 1.0780

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
EUR/CHF is still fluctuating between levels 1.0740 and 1.0840. The price is rising at the lower levels of the market but it is facing initial resistance at the recent high. The current upward move is facing resistance at level 1.0780. The pair is in a choppy price action.

EURCHF – daily chart

Daily Chart Indicators Reading:
The pair is at level 53 of the Relative Strength Index period 14. It implies that the market is in the uptrend zone and above the centerline 50. The 50-day SMA and 21-day SMA are sloping upward. It indicates the present uptrend.

EUR/CHF Medium-term Trend: Ranging
On the 4-hour chart, the pair is fluctuating between levels 1.0740 and 1.0840. The price has fallen above level 1.0740 and resumed consolidation. The market is in a choppy price action. The price is consolidating at a lower price level. A breakout on the upside is likely.

EUR/CHF – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping sideways indicating the sideways trend. The pair is below 80% range of the daily stochastic. It indicates that the market is in a bearish momentum. Sellers are emerging to push prices down

General Outlook for EUR/CHF
EUR/CHF is in a sideways trend but likely to rise. The previous uptrend is short-lived as price resumes downward. It appears the upward move will resume.

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