Technical analysis of USD/CHF for July 13, 2017

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Overview:

  • As expected, the USD/CHF pair continues to rise from the level of 0.9623. The current price is seen around the area of 0.9620-0.9650. It should be noted that the support is established at the level of 0.9623 which represents the 38.2% Fibonacci retracement level on the H1 chart. The price is likely to form a double bottom in the same time frame. Accordingly, the USD/CHF pair is showing signs of strength following a breakout of the highest level of 0.9666. So, buy above the level of 0.9623 with the first target at 0.9698 in order to test the daily resistance 1 and further to 0.9737 (the double top). Also, it might be noted that the level of 0.9737 is a good place to take profit because it will form a double top. However, in case a reversal takes place and the USD/CHF pair breaks through the support level of 0.9623, a further decline to 0.9575 can occur which would indicate a bearish market. Also, it should be noted that the double bottom is seen at the price of 0.9550.
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