EUR/CHF Upward Move Faces Rejection at Level 1.0850

Azeez Mustapha
8 February 2021 | Updated: 8 February 2021

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 continued to push on the upside. The EUR/CHF has earlier rebounded above level 1.0750 and continued the upward move. The bulls are testing the resistance at level 1.0850. This resistance has not been broken since November 2020.

EUR/CHF – Daily Chart

Daily Chart Indicators Reading:
The pair is at level 58 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 2 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 1.0877.

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 80% 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. The market has reached level 1.0850 where there is strong selling pressure. The pair will face rejection at the overhead resistannce of level 1.0850.

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Azeez Mustapha

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.