Technical analysis of USD/CHF for October 20, 2017

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USD/CHF is expected to continue the upside movement. The pair posted a double bottom pattern and broke above its key resistance at 0.9770, which becomes the key support. The upward momentum is further reinforced by both rising 20-period and 50-period moving averages. The relative strength index lacks downward momentum.

To conclude, above 0.9770, look for a new challenge with targets at 0.9865 and 0.9900 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: 0.9770, Take Profit: 0.9865

Resistance levels: 0.9865, 0.9900, and 0.9930

Support levels: 0.9735, 0.9705, and 0.966 0

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