EUR/CHF Resumes Uptrend, May Break Level 1.0800

EUR/CHF Resumes Uptrend, May Break Level 1.0800

Key Resistance Levels: 1.0800, 1.0900, 1.1000
Key Support Levels: 1.0600, 1.0500, 1.0400

EUR/CHF Price Long-term Trend: Ranging
EUR/CHF is fluctuating between levels 1.0700 and 1.0800. Today, the pair is rising above level 1.0750 after a sideways move. A red candle tested the 0.618 Fibonacci retracement level. It indicates that price will rise and reach level 1.618 Fibonacci extension level. That is, the pair will reach 1.0900 price level.

EUR/CHF – Daily Chart

Daily Chart Indicators Reading:
The pair is at level 52 of the Relative Strength Index period 14. It implies that the market has reached the uptrend zone and above the centerline 50. The 50-day SMA and 21-day SMA are sloping sideways. It indicates the present sideways trend.

EUR/CHF Medium-term Trend: Ranging
On the 4-hour chart, the pair is fluctuating between level 1.0720 and level 1.0800. Today, price is rising upward to level 1.0800. The market will continue the upward move if price breaks the current resistance line. EUR/GBPwill rise to level 1.0900.

EUR/CHF – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping sideways indicating the sideways trend. The pair is above 25% range of the daily stochastic. It indicates that the market is in a bullish momentum.

General Outlook for EUR/CHF
The EUR/CHF is range-bound but price has resumed an upward move to the previous high of 1.0800. According to the Fibonacci tool, the market will reach level 1.0900. It implies the current resistance may be breached.



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