EUR/CHF Reaches the Oversold Region, Buyers Are Likely to Emerge

EUR/CHF Reaches the Oversold Region, Buyers Are Likely to Emerge

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 in a sideways trend. The price action has remained the same since July. The pair has fluctuated between level 1.0750 and 1.0850. In the meantime, price is consolidating at a lower price range. A bullish trend is drawn showing the support levels of the market.

EUR/CHF – Daily Chart

Daily Chart Indicators Reading:
The pair is at level 46 of the Relative Strength Index period 14. It implies that the market is in the downtrend zone and below the centerline 50. The 50-day SMA and 21-day SMA are sloping upward. It indicates the sideways trend.

EUR/CHF Medium-term Trend: Ranging
On the 4-hour chart, the pair is consolidating above level 1.0750. The index has been consolidating in the lower price range since July. This support at 1.0750 has been the historical price level since July. EUR/CHF will resume uptrend if price breaks above the SMAs.

EUR/CHF – 4 Daily Chart

4-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping sideways indicating the previous trend. The pair is above 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 below level 1.0850. Presently, the market is still consolidating above the support at 1.0750 .According to the daily stochastic, the pair is in the oversold region and buyers are likely to emerge to push the price upward.

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