Technical analysis of USD/CHF for October 24, 2017

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Overview:

  • The USD/CHF pair continues to move upwards from the levels of 0.9744 and 0.9800. Hence, the spot of 0.9744 and 0.9800 represents strong support today. Since the trend is above this level, the market is still in an uptrend. Furthermore, the trend is still strong above the moving average (100). The USD/CHF pair didn't make any significant movements yesterday. Hence, the market is indicating a bullish opportunity above the mentioned support levels. The bullish outlook remains valid as long as the 100 EMA is headed to the upside. Therefore, strong support will be found around the spot of 0.9744-0.9755 providing a clear signal to buy with a target seen at 0.9836. If the trend breaks the first resistance at 0.9836, the pair will move upwards continuing the bullish trend development to the level of 0.9920 in order to test the daily resistance 2. Also, it should be noted that the major resistance is seen at 0.9980 on the H4 chart. On the other hand, the stop loss should be set at price of 0.9677.
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