Technical analysis of USD/CHF for September 05, 2017

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Overview:

  • The USD/CHF pair bullish trend from the support levels of 0.9558. Currently, the price is in a bullish channel and the price is seen at the 0.9558 level. The USD/CHF pair probably continues to move upwards from the level of 0.9558. Yesterday, the pair rose from the level of 0.9558 to a top around 0.9670. Today, the first resistance level is seen at 0.9693 followed by 0.9725, while daily support 1 is seen at 0.9558 (38.2% Fibonacci retracement). According to the previous events, the USD/CHF pair is still moving between the levels of 0.9639 and 0.9725; so we expect a range of 86 pips. Furthermore, if the trend is able to break out through the first resistance level at 0.9693. Therefore, buy above the level of 0.9558 with the first target at 0.9693 in order to test the daily resistance 1 and further to 0.9725. Also, it might be noted that the level of 0.9725 is a good place to take profit because it will form a major resistance today. On the other hand, if a breakout takes place at the support level of 0.9558, then this scenario may become invalidated.
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The material has been provided by InstaForex Company - www.instaforex.com