Technical analysis of USD/CHF for December 08, 2017

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Overview:

  • The Swissy (Franc) hit the new high at the level of 0.9950. Also, it should be noted that the USD/CHF pair is down more than 20 pips after hitting a new high. The USD/CHF pair continues to move upwards from the level of 0.9806. Yesterday, the pair rose from the level of 0.9806 to the top around the area of 0.9921 (pivot). Today, the first resistance level is seen at 0.9972 followed by 1.0037, while daily support 1 is seen at 0.9886. According to the previous events, the USD/CHF pair is still moving between the levels of 0.9886 and 1.0037; for that, we expect a range of 151 pips (1.0037 - 0.9886) in coming hours. If the USD/CHF pair fails to break through the support level of 0.9886, the market will rise further to 0.9972. This would suggest a bullish market because the RSI indicator is still in a positive area and does not show any trend-reversal signs. The pair is expected to climb higher towards at least 1.0037 with a view to testing the double top. On the contrary, if a breakout takes place at the support level of 0.9890, then this scenario may become invalidated.
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