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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
The pair is falling after the rejection at level 1.1100. The price corrected upward to retest level 1.1100 before signaling the downward move. Meanwhile, on March 16 downtrend, a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that EUR/CHF is likely to reach the 2.618 Fibonacci extension or level 1.0825.
Daily Chart Indicators Reading:
EUR/CHF is at level 47 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 22 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 1.0842.
4-hour Chart Indicators Reading
The moving averages are sloping downward indicating the downtrend. The market is also below the 40% range of the daily stochastic. It indicates that it is in a bearish momentum. The selling pressure is likely to continue.
General Outlook for EUR/CHF
EUR/CHF pair is in a downward move. The price has broken below the moving averages. This suggests that the pair is in bearish trend zone and may fall.
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