Technical analysis of USD/CHF for August 10, 2017


USD/CHF is under pressure and expected to continue its downside movement. The pair retreated from the key resistance at 0.9670 (the previous high). The downward momentum is further reinforced by the declining 50-period moving average. The relative strength index is below its neutrality level at 50 and lacks upward momentum.

Therefore, as long as 0.9670 holds on the upside, look for a new decline to 0.9605 and even to 0.9565 in extension.

Chart Explanation: The black line shows the pivot point. The present price above the pivot point indicates the bullish position and the price below the 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: 0.9670, Take Profit: 0.9605

Resistance levels: 0.9705, 0.9735, and 0.9770

Support levels: 0.9605, 0.9565, and 0.9525

The material has been provided by InstaForex Company -