EUR/CHF Reaches the Overbought Region, May Reverse at Level 1.0846

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RESULTS

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 has resumed an upward move as price breaks above the SMAs. The pair has risen to level 1.0827 but it is presently retracing from the recent high. The upward move is likely to resume after a retracement.

Daily Chart Indicators Reading:
The pair is at level 55 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 an upward move. On February 1 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the pair will rise and reverse at level 1.272 Fibonacci extension. That is the high of level 1.0846.

4-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping upward indicating the uptrend. The pair is above the 80% range of the daily stochastic. It indicates that the price is in the overbought region of the market. Sellers are likely to emerge..

General Outlook for EUR/CHF
EUR/CHF is in an upward move. The RSI is at level 56. It indicates that the pair has room to rally on the upside. According to stochastic, the pair is above 80% range. It indicates that the market has reached the overbought region of the market.


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