Technical analysis of USD/CHF for January 5, 2018

USDCHFM30.png

USD/CHF is expected to trade with a bullish outlook. The pair remains on the upside, backed by its rising 50-period simple moving average. A strong support base at 0.9735 has formed, and has allowed for stabilization. In addition, the relative strength index is bullish above its neutrality area at 50.

In which case, as long as 0.9735 is not broken, further advance seems to be on the cards with targets at 0.9800 and 0.9835.

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, 0.9835, and 0.9875.

Support levels: 0.9705, 0.9670, and 0.9650 .

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