Technical analysis of USD/CHF for July 5, 2017

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Our USD/CHF upside target has been hit as we predicted. USD/CHF is still expected to trade in a higher range. The technical picture of the pair is bullish as the prices have been supported by a bearish trend line since June 30. The rising 50-period moving average is playing a support role. The relative strength index is mixed with a bullish bias.

Hence, as long as 0.9615 is not broken, a further advance to 0.9710 and even to 0.9740 seems more likely to occur.

Chart Explanation: The black line shows the pivot point; the present price above pivot point indicates the bullish position and below pivot points indicates the short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.

Strategy: BUY, Stop Loss: 0.9635, Take Profit: 0.9710

Resistance levels: 0.9710, 0.9740, and 0.9785

Support levels: 0.9615, 0.9595, and 0.9545

The material has been provided by InstaForex Company - www.instaforex.com