EUR/CHF Resumes Upward Move, Targets Level 1.0800

EUR/CHF Resumes Upward Move, Targets Level 1.0800

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 range-bound movement. The market is fluctuating between level 1.0750 and 1.0850. The sideways trend has been ongoing since July. A bullish trend is drawn showing the support levels of the market. The pair will fall if the price breaks below the trend line.

EUR/CHF – Daily Chart

Daily Chart Indicators Reading:
The pair is at level 50 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 1.0740 and resumed an upward move. In the previous uptrend, the price was repelled at level 1.0800. In the current uptrend, the price is approaching the recent high at level 1.0800. A break above it will mean the continuation of the trend.

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 above the 40% 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 but has resumed upward move. The current uptrend may face resistance at level 1.0800. The uptrend will continue if the initial resistance is breached.

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Author : Azeez Mustapha


Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.