EURCHF Retraces as Price Deepens in the Oversold Region at Level 1.07500

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

EUR/CHF Price Long-term Trend: Bullish
EUR/CHF pair is in an uptrend. The market has retraced to level 1.618 Fibonacci retracement level. The pair was earlier in an overbought region. Sellers have emerged to push prices down. The pair is likely to rise.

Daily Chart Indicators Reading:
EUR/CHF has fallen to level 62 of the Relative Strength index period 14. The pair is now in the uptrend and above the centerline 50. The 50-day SMA and 21-day SMA are sloping upward indicating the bull market.


EUR/CHF Medium-term Trend: Bullish
On the 4-hour chart, the EUR/CHF pair is in an uptrend. A trend line is drawn showing the support levels of price. The pair retraced and tested level 1.07500 twice indicating that the support is likely to hold. The price action is showing a bullish signal.

4-hour Chart Indicators Reading
The 50-day and 21-day SMA are sloping upward indicating the uptrend. The pair is below 20% range of the daily stochastic. EUR/CHF pair is now in the oversold region. Buyers may likely emerge to push prices upward.


General Outlook for EUR/CHF
EUR/CHF pair is an uptrend. The market was earlier in an overbought region. The price has retraced to level 1.07500 and the upward move is likely. The support at level 1.07500 is holding and the market is in an oversold region.


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