Technical analysis of USD/CHF for July 04, 2017

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Overview:

  • The current price of USD/CHF pair is moving around the area of 0.9660 and 0.9590. The USD/CHF pair continues moving downwards from the level of 0.9645. Yesterday, the pair dropped from the level of 0.9645 to move around the spot of 0.9645 - 0.9600. Today, the first resistance level is seen at 0.9660 followed by 0.97100, while daily support 1 is seen at 0.9590. According to the previous events, the USD/CHF pair is still moving between the levels of 0.9590 and 0.9500 If the USD/CHF pair fails to break through the resistance level of 0.9660, the market will decline further to 0.9590 today. This would suggest a bearish market because the RSI indicator is still in a positive area and does not show any trend reversal signs. On the other hand, if a breakout takes place at the resistance level of 0.9710, then this scenario may become invalidated. Also, it should be noticed that the price is still trading around the spot of 0.9660.
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