EUR/CHF Rebounds, Attempts to Retest Level 1.0870

EUR/CHF Rebounds, Attempts to Retest Level 1.0870

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 of 1.0720 and 1.0850. The pair fell sharply to the lower price level after testing level 1.0850. Since July, the key levels of the market are yet to be broken. The pair has resumed a fresh uptrend.

EUR/CHF – Daily Chart

Daily Chart Indicators Reading:
The pair is at level 56 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 horizontally. It indicates the sideways trend.

EUR/CHF Medium-term Trend: Bullish
On the 4-hour chart, the pair has resumed the uptrend. The price has been facing resistance at level 1.0840. A break above the resistance will mean a further rise of the currency pair. A retraced candle body tested the 38.2% Fibonacci retracement level. This implies that the pair will reach a high of 2.618 Fibonacci extension level.

EUR/CHF – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping sideways indicating the previous trend. The pair is below the 20% range of the daily stochastic. It indicates that the market is in a bullish momentum.

General Outlook for EUR/CHF
EUR/CHF is in a sideways move. The pair has not resumed a full upward move. The upward move has been restricted below level 1.08700. The pair has resumed a fresh uptrend. Perhaps, it will break level 1.08700 and continue the up trending.



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