EUR/CHF Rebounds above Level 1.0890, Resumes up Trending

EUR/CHF Rebounds above Level 1.0890, Resumes 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: Bearish
EUR/CHF pair is in a downward move since March. The currency price was making a series of lower highs and lower lows. The price is correcting upward to reach the previous highs. If price faces rejection at the recent high, the downtrend will resume. On the other hand, if price breaks the resistance line of the descending channel and closes above it, the uptrend will resume.

EUR/CHF – Daily Chart

Daily Chart Indicators Reading:
The pair is at level 54 of the Relative Strength Index period 14. It implies that the pair is in the uptrend zone and above 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 daily chart, the pair is falling. Meanwhile, on April 12 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the pair will fall to level 1.618 Fibonacci extensions or the low of level 1.0894. From the price action, the pair has retested the Fibonacci extension and has resumed its upward move.

EUR/CHF – Daily Chart

4-hour Chart Indicators Reading
The moving averages are sloping downward indicating the downtrend. The pair is above the 75% range of the daily stochastic. It indicates that the market is in a bullish momentum.

General Outlook for EUR/CHF
EUR/CHF pair is in a downward move. The downtrend will continue if it pair faces rejection at the recent high. From the price action, the market is reversing to resume an upward move.


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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.