EUR/CHF Resumes Uptrend, Battles an Initial Resistance at Level 1.0733

Estimated Reading Time: 2 minutes

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Azeez Mustapha

Updated: 13 October 2022

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
The pair recently fell to level 1.0600 and resumed an upward move. A correction candle body tested the 0.382 Fibonacci retracement level. It indicates that the pair will rise and reach level 2.618 Fibonacci extension level. EUR/CHF first target will be at level 1.618. The pair second target will be at level 2.618.

Daily Chart Indicators Reading:
The pair is at level 58 of the Relative Strength Index period 14. It implies that the market has reached the uptrend zone and above the center line 50. The 50-day SMA and 21-day SMA are sloping upward. It indicates the present upward move.

EUR/CHF Medium-term Trend: Ranging
On the 4-hour chart, the pair is fluctuating between level 1.0620 and 1.0700. The price has broken the upper price range and closed above it. It indicates that the upward move is going to continue. The uptrend will continue after the price retracement.

4-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping horizontally indicating the sideways move. The pair is above 80% range of the daily stochastic. It indicates that the market is in the overbought region. Sellers have emerged to push prices down

General Outlook for EUR/CHF
The EUR/CHF has resumed uptrend after testing the low of 1.0600. The pair has risen and reached the overbought region. The market is retracing after the overbought region. The uptrend will resume at level 1.0700.

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