Technical analysis of USD/CHF for November 08, 2017

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USD/CHF is under pressure and expected to trade in a lower range. The pair is under pressure below the key resistance at 1.0015, which should limit the upside potential. The relative strength index is below its neutrality level at 50, calling for a drop.

The U.S. dollar strengthened against other major currencies as investors are still expecting the Federal Reserve to raise interest rates.

As long as 1.0015 holds on the upside, look for a return to 0.9970 (lows of November 6 and 7). A break below this level would trigger a new drop to 0.9945.

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: 1.0015, Take Profit: 0.9970

Resistance levels: 1.0040, 1.0070, and 1.0100

Support levels: 0.9970, 0.9945, and 0.9900

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