Key Resistance Levels: 1.09000, 1.10000, 1.11000
Key Support Levels: 1.05400, 1.05200, 1.05000
EUR/CHF Price Long-term Trend: Bearish
EUR/CHF pair is currently in a bear market. The pair is in a downward move as the market fell to the low of level 1.05000. At the current support, price rebounded above level 1.06000 but the bulls could not sustain the upward move. The pair is likely to find support at the previous level at 1.0500. Technically, as price breaks above the resistance line of the descending channel, the upward move ought to be sustained.
Daily Chart Indicators Reading:
The pair is at level 54 of the Relative Strength Index period 14. This implies that the market is in the uptrend zone and above the centerline 50. The 50-day SMA and 21-day SMA are sloping downward indicating the bear market.
EUR/CHF Medium-term Trend: Bearish
On the 4-hour chart, the EUR/CHF pair was earlier in a bear market. A bullish candle body tested the 0.382 retracement level indicating the extension level of the pair. According to the Fibonacci tool, the EUR/CHF pair will reverse at the 1.618 extension level. The 1.618 extension is equivalent to level 1.0500. However, if the selling pressure continued; the market will reverse at 2.618 extension level. Currently, price has rebounded but it is facing resistance at level 1.06400 as the pair falls.
4-hour Chart Indicators Reading
The 50-day and 21-day SMA are sloping upward indicating the uptrend. The pair is below 20% range of the daily stochastic. The market is in the oversold region but the stochastic band is horizontally flat.
General Outlook for EUR/CHF
The pair is still in a downward move approaching the previous low. The market is falling because the bulls could not sustain the uptrend above level 1.06400.
Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
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