EUR/CHF Reaches the Oversold Region as Buyers Are Expected To Emerge

13 July 2021 | Updated: 13 July 2021

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. The currency pair is nearing bearish exhaustion as it fell to level 1.0826. The market is approaching the previous low at level 1.0790. Meanwhile, on March 16 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that the pair will fall to level 2.618 Fibonacci extension or level 1.0828. From the price action, the market has reached 2.618 Fibonacci extension. The price has also fallen to the oversold region of the market.

EUR/CHF – Daiy Chart

Daily Chart Indicators Reading:
The currency pair is at level 31 of the Relative Strength Index period 14. It implies that the pair has reached the oversold region. The current selling pressure is likely to subside as the market reaches the oversold region. 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 downward move. The market is presently retesting the previous low at level 1.0825 to break below it. Meanwhile, on July 8 downtrend; 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 or level 1.0800 and reverse.

EUR/CHF – 4 Hour Chart

4-hour Chart Indicators Reading
The pair is below the 20% range of the daily stochastic. It indicates that the market is in a bearish momentum. The currency pair has fallen to the oversold region of the market. Buyers are expected to emerge in the oversold region.

General Outlook for EUR/CHF
The currency pair has reached bearish exhaustion. The selling pressure is likely to subside as the market reaches the oversold region. According to the Fibonacci tool, EUR/CHF fallen to level 1.272 Fibonacci extension or level 1.0800 and reverse.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.