Technical analysis of USD/CHF for October 18, 2017

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All our targets which we predicted in yesterday's analysis have been hit. USD/CHF is still expected to trade with bullish bias . Although the pair posted a pullback, it is still supported by a rising 50-period moving average. The downside potential should be limited by the key support at 0.9765. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

To conclude, while the price holds above 0.9765, expect another rise to 0.9840 and even to 0.9865 in extension.

At the same time, as long as 0.9765 is not broken, look for a further drop with targets at 0.9805 and 0.9835 in extension.

Chart Explanation: The black line shows the pivot point. The present price above the pivot point indicates a bullish position, and the price below the pivot points indicates a 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: BUY, Stop Loss: 0.9765, Take Profit: 0.9805

Resistance levels: 0.9805, 0.9835, and 0.9865

Support levels: 0.9745, 0.9730, and 0.9700

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