EURCHF Makes Downward Move, a Retest of Level 1.06000 Likely

EURCHF Makes Downward Move, a Retest of Level 1.06000 Likely

Key Resistance Levels: 1.09000, 1.10000, 1.11000
Key Support Levels: 1.05400, 1.05200, 1.05000

EUR/CHF Price Long-term Trend: Bearish
EUR/CHF pair is in an uptrend. However, the upward move has been terminated at a high of level 1.0850. The market has fallen to level 1.06559. A correction candle body tested 0.786 Fibonacci Retracement level. This indicates that the market will reach a low of 1.272 extension level. Thereafter, the market will reverse and move up.

EUR/CHF – Daily Chart

Daily Chart Indicators Reading:
EUR/CHF has fallen to level 54 of the Relative Strength index period 14. The pair is now in the uptrend zone and above the centerline 50. The 50-day SMA and 21-day SMA are sloping upward indicating the previous trend.

EUR/CHF Medium-term Trend: Bearish
On the 4-hour chart, the EUR/CHF pair is in a downtrend. A correction candle body is testing the 0.618 Fibonacci retracement level. This indicates that the market will reach a low of 1.618 extension level. Thereafter the price action will continue.

EUR/CHF – 4 Hour Chart

4-hour Chart Indicators Reading

The 50-day and 21-day SMAs are sloping upward indicating the downtrend. The pair is below 80% range of the daily stochastic. The pair is in a bearish momentum.

General Outlook for EUR/CHF
EUR/CHF pair is now in a downward move. The pair moved up and retested the 1.07200 level before moving down. The pair is likely to fall to the low of 1.05640.

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