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Key Resistance Levels: 1.0800, 1.0900, 1.1000
Key Support Levels: 1.0600, 1.0500, 1.0400
EUR/CHF Price Long-term Trend: Bearish
EUR/CHF pair is in a downward move since March. The pair is falling after the rejection at level 1.1150. Today, the market has declined to the low of level 1.0901. Further downside is likely. On May 30, buyers retested level 1.100 which cause the pair to further decline.
Daily Chart Indicators Reading:
EUR/CHF is at level 36 of the Relative Strength Index period 14. It implies that the pair is in the downtrend zone and it is below the centerline 50. EUR/CHF is approaching the oversold region of the market. The 21-day SMA and the 50-day SMA are sloping downward indicating the downtrend.
EUR/CHF Medium-term Trend: Bearish
On the 4-hour chart, the pair is in a downtrend. The moving averages have made bearish crossover. The 21-day SMA crosses below the 50-day SMA on the downside. Meanwhile, on June 1 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the pair will fall to level 2.0 Fibonacci extensions or the low of 1.0897.
4-hour Chart Indicators Reading
The moving averages are sloping downward indicating the downtrend. The market is also below the 20% range of the daily stochastic. It indicates that the pair has fallen into the oversold region.
General Outlook for EUR/CHF
EUR/CHF pair is in a downward move. The market has fallen to the 2.0 Fibonacci extension or level 1.0897. EUR/CHF pair may
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