EUR/CHF Surges Ahead, Breaks Level 1.0800

EUR/CHF Surges Ahead, Breaks Level 1.0800

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
EUR/CHF is fluctuating between levels 1.0700 and 1.0800. The resistance line has been broken as price moves up. The upward move may be short-lived as price approaches the resistance zone at level 1.08500. A red candle body tested 0.786 Fibonacci retracement level. It indicates that the pair will rise and reverse the 1.272 Fibonacci extension level. The price will reverse and return to 78.6% Fibonacci retracement level where it originated.

EUR/CHF – Daily Chart

Daily Chart Indicators Reading:
The pair is at level 63 of the Relative Strength Index period 14. It implies that the market has reached the uptrend zone and above the centerline 50. The 50-day SMA and 21-day SMA are sloping upward. It indicates the present trend.

EUR/CHF Medium-term Trend: Ranging

On the 4-hour chart, the pair is fluctuating between level 1.0720 and level 1.0800. Today, price has broken level 1.0800 and it is approaching level 1.08500. The pair is approaching the resistance zone.

4-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping sideways indicating the sideways trend. The pair is above 80% range of the daily stochastic. It indicates that the market is in a bullish momentum. Price has also reached the oversold region of the market.

General Outlook for EUR/CHF
The range-bound movement has been broken as price moves up. According to the Fibonacci tool, the pair will rise and reverse at 1.272 Fibonacci extension level.

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Author : Azeez Mustapha


Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.