Technical analysis of USD/CHF for January 08, 2018

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USD/CHF is expected to trade with bullish bias above 0.9735. Although the pair posted a pullback, a support base at 0.9735 has formed and has allowed for a temporary stabilization. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

Hence, as long as 0.9735 holds on the downside, a further rebound to 0.9780 and even to 0.9840 seems more likely to occur.

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: buy, stop loss at 0.9735, take profit at 0.9800.

Resistance levels: 0.9800, 0.9840, and 0.9875.

Support levels: 0.9710, 0.9685, and 0.9650.

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