EUR/CHF Slumps but Attempts to Make Correction against Larger Downtrend

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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
EUR/CHF pair is in a downward move. The pair has fallen to a lower high of level 1.0960. The market has fallen to a lower low by breaking the previous low. The current bearish move is expected to break the previous low of 1.0880. Meanwhile, on March 16 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that the pair will fall to level 2.618 Fibonacci retracement or level 1.0828.

Daily Chart Indicators Reading:
The currency pair is at level 47 of the Relative Strength Index period 14. It implies that the pair is in the downtrend zone and 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 was earlier in a range-bound move below level 1.0970. The downtrend resumes after a rejection from level 1.0970. The market is falling after retesting the resistance zone. EUR/CHF price has broken below the moving averages which will accelerate the selling pressure.

4-hour Chart Indicators Reading
The pair is above the 25% range of the daily stochastic. It indicates that the market is in a bearish momentum. The moving averages are sloping downward indicating the downtrend.

General Outlook for EUR/CHF
The currency pair is in a downward move. The downtrend is making a lower high which will result in a downward move. According to the Fibonacci tool, EUR/CHF will fall to level 2.0 Fibonacci retracement or level 1.0872.

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