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Technical analysis of USD/CHF for March 03, 2017

USDCHFH4.png

Overview:

  • The USD/CHF pair is calling for a bullish market from the support levels of 1.0041 and 1.0097.
  • Currently, the price is in a bullish channel on the 4H chart. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market.
  • As the price is still above the moving average (100), immediate support is seen at 1.0041 which coincides with a ratio of 38.2% Fibonacci.
  • Consequently, the first support is set at the level of 1.0041. So, the market is likely to show signs of a bullish trend around the spot of 1.0041.
  • In other words, buy orders are recommended above the golden ratio (1.0041) with the first target at the level of 1.0153.
  • Furthermore, if the trend is able to break out through the first resistance level of 1.0153, we should see the pair climbing towards the double top (1.0233) to test it.
  • It would also be wise to consider where to place a stop loss; this should be set below the second support of 0.9972.

Daily key levels:

  • Major resistance: 1.0233
  • Minor resistance: 1.0153
  • Intraday pivot point: 1.0097
  • Minor support: 1.0041
  • Major support: 0.9972
The material has been provided by InstaForex Company - www.instaforex.com