EUR/CHF Resumes Uptrend, Targets Level 1.07000

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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. A correction candle body tested the 0.382 Fibonacci retracement level. It indicates that the market will reach a low of 2.618 extension level. EUR/CHF’s first target will be at  level 1.618 Fibonacci extension level. The second target will be at level 2.618 extension level.


EUR/CHF – Daily Chart

Daily Chart Indicators Reading:
EUR/CHF has fallen to level 51 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 downward which indicates the previous trend.

EUR/CHF Medium-term Trend: Bullish
On the 4-hour chart, the EUR/CHF pair is in an upward move. The pair fell to level 1.06306 and resumed an upward move. The price is approaching level 1.07000 which is a resistance level. The pair will continue its upward move if that resistance is breached. Otherwise, the pair will be repelled.


EUR/CHF – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day and 21-day SMA are sloping upward. It indicates the uptrend. The pair is above 60% range of the daily stochastic. EUR/CHF is in a bullish momentum. The market is approaching the overbought region.

General Outlook for EUR/CHF
EUR/CHF pair has resumed an upward move after falling to the low of level 1.06306. According to the Fibonacci tool, the uptrend will reach the high of level 2.618 extension level. In other words, the pair will rise and reach the high of 1.14486

 

Source: https://learn2.trade

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