EUR/CHF Retests Level 1.07000 to Resume Downtrend

EUR/CHF Retests Level 1.07000 to Resume Downtrend

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

EUR/CHF Price Long-term Trend: Bearish
EUR/CHF pair is in a downward move. The uptrend has been terminated as the market drops to level 1.06559. A correction candle body is testing the 0.786 Fibonacci retracement level. It indicates that the market will reach a low of 1.272 extension level. EUR/CHF will reverse at that level but the reversal will not be immediate.

EUR/CHF – Daily Chart

Daily Chart Indicators Reading:
EUR/CHF has fallen to level 49 of the Relative Strength index period 14. The pair is now in the downtrend zone and below the centerline 50. The 50-day SMA and 21-day SMA are sloping upward which indicates the previous trend.

EUR/CHF Medium-term Trend: Bearish
On the 4-hour chart, the EUR/CHF pair is in a downtrend. A correction candlestick tested the 0.618 Fibonacci retracement level. It indicates that the pair will reach a low of 1.618 extension level. Thereafter the market will continue the downward move.

4-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping downward. It indicates the downtrend. The pair is below 80% range of the daily stochastic. The currency pair is in bearish momentum. The price action indicates bearish signals.

EUR/CHF – 4 Hour Chart

General Outlook for EUR/CHF
EUR/CHF pair is likely to continue in a downward move. However, the pair is retested level 1.07000 to resume the downtrend. Thereafter, the downtrend will resume.

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Author : Azeez Mustapha


Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.