EUR/CHF Retests Level 1.090, Resumes Uptrend

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 in an uptrend. From the Fibonacci tool, the currency pair has reached its first target of level 1.618 and approaching the second target at level 2.618. Therefore we still may buy pending when the price reverse. However, the RSI is indicating an overbought region.

Daily Chart Indicators Reading:
EUR/CHF is at level 82 of the Relative Strength index period 14. The market has reached the overbought region. Sellers may likely emerge to push prices down. 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 is in an uptrend. The pair retested level 1.09000 and pulled back to resume the upward move. However, after the second retest the market is falling. The price is unlikely to reach the second target at the 2.618 Fibonacci extension level.

4-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping upward indicating the uptrend. The pair is above 80% range of the daily stochastic. EUR/CHF pair is now in the overbought region. Sellers may emerge to push prices down. However, an overbought condition may not hold in a trending market.

General Outlook for EUR/CHF
EUR/CHF pair is an uptrend. The upward move is ongoing as it approaches the overbought region. Sellers may likely emerge in the overbought region.


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