EUR/CHF Retests Level 1.0200 Resistance Zone, ResumesDownward

EUR/CHF Retests Level 1.0200 Resistance Zone, ResumesDownward

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 is falling after the rejection at level 1.1100. The selling pressure will continue as the pair faces another rejection at level 1.0200. Meanwhile, on May 11 downtrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that EUR/CHF is likely to reach the 1.618 Fibonacci extension or level 1.0841.

EUR/CHF – Daily Chart

Daily Chart Indicators Reading:
EUR/CHF is at level 46 of the Relative Strength Index period 14. It implies that the pair is in the downtrend zone and it is below the centerline 50. The 21-day SMA and the 50-day SMA are sloping downward indicating the downtrend.

EUR/CHF Medium-term Trend: Bearish
On the 4-hour chart, the pair is in a downtrend. The pair corrected upward before resuming downward. Meanwhile, on May 23 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 1.0877.

EUR/CHF – 4 hour Chart

4-hour Chart Indicators Reading
The moving averages are sloping downward indicating the downtrend. The market is also below the 80% range of the daily stochastic. It indicates that it is in a bearish momentum. Sellers are likely to emerge.

General Outlook for EUR/CHF
EUR/CHF pair is in a downward move. The selling pressure is likely to continue as the currency pair falls in the bearish zone.


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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.