EUR/CHF Retraces to Level 1.0800, Resumes Uptrend

EUR/CHF Retraces to Level 1.0800, Resumes Uptrend

Key Resistance Levels: 1.0800, 1.0900, 1.1000
Key Support Levels: 1.0600, 1.0500, 1.0400

EUR/CHF Price Long-term Trend: Bullish
EUR/CHF pair has risen to 1.0827 but was resisted. The price retraced to level 1.0799 and resumed an upward move. On February 1 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the pair will rise to level 1.272 Fibonacci extension and reverse. That is the high of level 1.0847.

EUR/CHF – Daily Chart

Daily Chart Indicators Reading:
The pair is at level 53 of the Relative Strength Index period 14. It implies that the market is in the uptrend zone. The 50-day SMA and 21-day SMA are sloping horizontally. It indicates a sideways trend.

EUR/CHF Medium-term Trend: Bullish
On the 4-hour chart, the index is in an upward move. On February 1 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the pair will rise to level 1.618 Fibonacci extension. That is the high of level 1.0876.

EUR/CHF – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping upward indicating the uptrend. The pair is below the 40% range of the daily stochastic. It indicates that the market was earlier in bearish momentum.

General Outlook for EUR/CHF
EUR/CHF is in an upward move. In the previous price action, the pair was in an overbought region. Sellers have emerged to push prices down. Now the pair is making a fresh upward move.


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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.