Technical analysis of USD/CHF for July 12, 2017

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USD/CHF is trading under pressure and looking for a downward movement. The pair accelerated on the downside after breaking below the lower boundary of the rising channel. The 20-period moving average crossed below the 50-period one. The relative strength index also broke below the bullish trend line since July 6. The U.S. dollar was pressured by concerns raised by emails released by Donald Trump Jr.

To sum up, below 0.9685, look for a further decline to 0.9625 and even to 0.9605 in extension.

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: SELL, Stop Loss: 0.9685, Take Profit: 0.9625 and 9605

Resistance levels: 0.9700, 0.9730, and 0.9775

Support levels: 0.9625, 0.9605, and 0.9590

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