EUR/CHF Resumes Upward Move, Faces Resistance at Level 1.07

EUR/CHF Resumes Upward Move, Faces Resistance at Level 1.07

Key Resistance Levels: 1.09000, 1.10000, 1.11000
Key Support Levels: 1.05400, 1.05200, 1.05000

EUR/CHF Price Long-term Trend: Bullish
EUR/CHF pair is currently in a bear market. The pair has broken out of the resistance line of the descending channel. As the price closes above the resistance line, the upward move is likely to continue. The pair is rising and approaching level 1.07000. The EUR/CHF is likely to face resistance at the current high.

EUR/CHF – Daily Chart

Daily Chart Indicators Reading:
The pair is at level 68 of the Relative Strength index period 14. It is approaching the overbought region. This implies that the market is in the uptrend zone and above the centerline 50. The 50-day SMA and 21-day SMA are sloping upward indicating the bull market.

EUR/CHF Medium-term Trend: Bullish
On the 4-hour chart, the EUR/CHF pair was earlier in a sideways trend. The price rebounded to break out of the upper price range. During the uptrend, the pair rebounded again to break the resistance at 1.06500. The price is likely to face another resistance as it moved up.

EUR/CHF – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day and 21-day SMA are sloping upward indicating the uptrend. The pair is above 50% range of the daily stochastic. EUR/CHF pair is in a bullish momentum. On May 18, the moving averages have a bullish crossover. The 21-day SMA crosses over the 50-day SMA indicating the uptrend.

General Outlook for EUR/CHF
The pair is in an upward move approaching level 1.07000. At the moment, the price is finding penetration difficult at the current high. It may retrace to level 1.065000 and resume upward move.

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