Technical analysis of USD/CHF for November 17, 2017

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Overview:

  • The swissy frranc faces resistance at the level of 0.9910, while the strong resistance is seen at 0.9966. Support levels are found at the 0.9870 and 0.9782. Today, the USD/CHF pair continues to move downwards from 0.9910. The pair could fall from 0.9910 level to the first support around 0.9870. In consequence, if the USD/CHF pair breaks support at 0.9870, this level will turn into resistance today. In the H4 time frame, the 0.9910 level is expected to act as minor resistance. Hence, we expect the USD/CHF pair to continue moving in the bearish trend from 0.9910 level towards the target at 0.9870. In the long term, if the pair succeeds in passing through 0.9870 level, the market will indicate the bearish opportunity below 0.9870 level in order to reach the second target at 0.9782. On the other hand, the 0.9782 mark remains a significant support zone. Thus, the trend will probably rebound again from 0.9782 as long as this level is not breached. Overall, we still prefer the bullish scenario above the area of 0.9780.
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