Technical analysis of USD/CHF for November 15, 2017

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Our target which we predicted in yesterday's analysis has been hit. USD/CHF is still under pressure and expected to continue downside movement. The pair is in a downtrend, capped by its falling 20-period and 50-period moving averages. The relative strength index remains under pressure below its neutrality area at 50. Last but not least, the downside potential has been opened towards 0.9830 after the recent breakout of 0.9935 (the previous key support).

In these perspectives, as long as 0.9900 holds on the upside, look for a new pullback to 0.9830 and 0.9800 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: 0.9900, Take Profit: 0.9830

Resistance levels: 0.9935, 0.9970, and 0.9815

Support levels: 0.9830, 0.9800, and 0.9765

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