EUR/CHF Rises on the Upside, Attempts to Retest Level 1.1150

EUR/CHF Rises on the Upside, Attempts to Retest Level 1.1150

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

EUR/CHF Price Long-term Trend: Ranging
Since March 4, EUR/CHF is in a sideways move below the resistance at level 1.1150. For the past month, the pair has been fluctuating between levels 1.0950 and 1.1150. Today, the market is rising on the upside after testing the lower price range. The upward move is likely to retest level 1.1150.

EUR/CHF – Daily Chary

Daily Chart Indicators Reading:
EUR/CHF has fallen to level 47 of the Relative Strength Index period 14. It implies that the pair is in the downtrend zone and capable of falling on the downside. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.

EUR/CHF Medium-term Trend: Bullish
On the 4-hour chart, the pair is in an upward move. The current uptrend is facing rejection at level 1. 1017. Meanwhile, on May 3 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the pair will rise to level 2.0 Fibonacci extension or the high of 1.1075.

LTC/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The moving averages are sloping downward indicating the previous trend. The market is also above the 60% range of the daily stochastic. EUR/CHF is in a bullish momentum.


General Outlook for EUR/CHF
EUR/CHF pair is in a sideways move. The pair is yet to trend as it trades in a confined range. The market is presently rising on the upside. A break above level 1.1150 will signal the resumption of uptrend.


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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.