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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. The currency pair has reached bearish exhaustion as price fell above level 1.0812 and resumed consolidation above the current support. On July 13, the bearish trend was terminated as the market resumed consolidation. From the price action, the market has reached 2.618 Fibonacci extension. Bullish candlesticks are signaling a possible upward move of the pair.
Daily Chart Indicators Reading:
The currency pair is at level 42 of the Relative Strength Index period 14. It implies that the pair is in the downtrend zone and below the centerline 50. The 21-day SMA and the 50-day SMA are sloping downward indicating the downtrend.
EUR/CHF Medium-term Trend: Bullish
On the 4 hour chart, the pair is in an upward move. The pair fell above level 1.0810 and resumed an upward move. The upward move is likely as price breaks above the moving averages. Meanwhile, on July 16 uptrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that the pair will rise to level 2.618 Fibonacci extension or level 1.0958.
4-hour Chart Indicators Reading
The pair is above the 70% range of the daily stochastic. It indicates that the market is in a bullish momentum. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.
General Outlook for EUR/CHF
EUR/CHF has regained bullish momentum. The currency pair has risen and reached a high of 1.08536. The bullish momentum is likely to extend to the previous highs. According to the Fibonacci tool, EUR/CHF will rise to level 2.618 Fibonacci extension or level 1.0958.
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