Technical analysis of USD/CHF for December 20, 2017

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Overview:

  • The USD/CHF pair didn't make any significant movements yesterday. There are no changes in our technical outlook. The bias remains bearish in the nearest term testing 1.0037 or higher. The price is still trading around the spot of 0.6948 and 0.7026. The NZD/USD pair will continue to rise from the level of 0.6948. The support is found at the level of 0.6948, which represents the 61.8% Fibonacci retracement level in the H1 time frame. The price is likely to form a double bottom. Today, the major support is seen at 0.6948, while immediate resistance is seen at 0.7026. Accordingly, the NZD/USD pair is showing signs of strength following a breakout of a high at 0.6948. So, buy above the level of 0.6948 with the first target at 0.7026 in order to test the daily resistance 1. Also, the level of 0.7026 is a good place to take profit because it will form a double top. Amid the previous events, the pair is still in an uptrend; for that we expect the NZDUSD pair to climb from 0.7026 to 0.7065 today. At the same time, in case a reversal takes place and the NZD/USD pair breaks through the support level of 0.6948, a further decline to 0.6820 can occur, which would indicate a bearish market.
The material has been provided by InstaForex Company - www.instaforex.com