EUR/CHF Reaches Oversold Region, May Resume up Trending

Key Resistance Levels: 1.0800, 1.0900, 1.1000
Key Support Levels: 1.0600, 1.0500, 1.0400

EUR/CHF Price Long-term Trend: Bullish
EUR/CHF pair faces rejection at the 1.0850 high. The pair is in a downward move as price breaks below the SMAs. This is an indication that the selling pressure will persist. The price has fallen to level 1.0783.

Daily Chart Indicators Reading:
The pair is at level 54 of the Relative Strength Index period 14. It implies that the market is in the uptrend zone. The 50-day SMA and 21-day SMA are sloping horizontally. It indicates a sideways trend.

EUR/CHF Medium-term Trend: Bearish
On the 4-hour chart, the index is in a downward move. On February 9 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the pair will fall to level 1.272 Fibonacci extension. That is the high of level 1.0793 and reverse. The price action has fallen beyond the tool analysis.

4-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping upward indicating the uptrend. The pair is below the 20% range of the daily stochastic. It indicates that the market is in the oversold region.

General Outlook for EUR/CHF
EUR/CHF is in a downtrend move. The pair may fall and find support above level 1.07500. The market has been in a sideways move as price fluctuates between level 1.0750 and level 1.0850. Meanwhile, the downtrend is still ongoing.


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 result