Technical analysis of USD/CHF for November 13, 2017


Our first target which we predicted in previous analysis has been hit. The pair is again turning down after the short rebound, and also broke below its 50-period moving average. The relative strength index is turning down, and calls for a new drop. Last but not least, the nearest resistance at 0.9980 maintains the strong selling pressure on the prices.

As long as 0.9980 holds on the upside, look for a new pullback to 0.9920 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: SELL, Stop Loss: 0.9980, Take Profit: 0.9920

Resistance levels: 1.0000, 1.0020, and 1.0045

Support levels: 0.9920, 0.9900, and 0.9860

The material has been provided by InstaForex Company -