Technical analysis of USD/CHF for December 26, 2017

USDCHFH4.png

Overview:

  • Pivot: 0.9921.
  • The USD/CHF pair is stil continuing an uptrend since from the spot of 0.9850 and 0.9880. The bias remains bullish in the nearest term testing 1.0037 or higher.
  • The price is still trading around the spot of 0.6948 and 0.7026. The USD/CHF 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 H4 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 USD/CHF 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 USD/CHF pair to climb from 0.7026 to 0.7065 today.
  • However, in case a reversal takes place and the USD/CHF 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