EUR/CHF Is in a Sideways Trend, Resumes Uptrend

EUR/CHF Is in a Sideways Trend, Resumes Uptrend

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 market is fluctuating between level 1.0750 and 1.0850. The pair is now trading at a lower level of 1.0755. The sideways trend has been ongoing since July. A bullish trend is drawn showing the support levels of the market. The pair will resume a downtrend if price breaks below the trend line.

EUR/CHF – Daily Chart

Daily Chart Indicators Reading:
The pair is at level 47 of the Relative Strength Index period 14. It implies that the market is in the downtrend zone and above 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 fell to 1.0760 and resume an upward move. A red candle body tested the 50% Fibonacci retracement level. It indicates that the pair will reach the level 2.0 Fibonacci extension level. That is the high of 1.0870.

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 80% range of the daily stochastic. It indicates that the market is in a bearish momentum.

General Outlook for EUR/CHF
EUR/CHF is in a sideways move below level 1.0850. The pair fell to level 1.0760 and has resumed an upward move. According to the Fibonacci tool, the market will reach a high of 1.0870.


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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.