EUR/CHF Approaching the Overbought Region, Sellers May Emerge

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

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EUR/CHF Price Long-term Trend: Bullish
EUR/CHF pair is in an uptrend. The pair rebounded at the low of 1.05000 to resume an upward move. A correction candle body tested the 0.618 Fibonacci retracement level. This indicates that the pair will rise and reach  level 1.618 Fibonacci extension level. This is at the price level of 1.07500. However, the Relative Strength indicates that the market has reached the overbought region. This pair may likely fall.


EUR/CHF – Daily Chart

Daily Chart Indicators Reading:
EUR/CHF is at level 78 of the Relative Strength index period 14.
EUR/CHF has reached the overbought region. Sellers may likely emerge to push prices down. 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 was earlier in an uptrend. The pair has reached level 1.08055 and approaching the overbought region. The pair may be resisted at a high of level 1.08500.


EUR/CHF – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day and 21-day SMA are sloping upward indicating the uptrend. The pair is above 80% range of the daily stochastic. EUR/CHF pair is now in the overbought region. The 21-day SMA crosses over the 50-day SMA indicating the uptrend.

General Outlook for EUR/CHF
EUR/CHF is an upward move but approaching the overbought region. It is likely to reverse and resume a downward move.

Source: https://learn2.trade

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