Technical analysis of USD/CHF for February 6, 2018


Our upside targets which we predicted in the previous analysis have been hit. USD/CHF is expected to continue the upside movement. The pair stays above its rising 20-period and 50-period moving averages, which play support roles and maintain the upside bias. The relative strength index is bullish and calls for a further advance. The downside potential should be limited at the key support at 0.9285.

Therefore, as long as this key level is not broken, look for a new challenge with targets at 0.9375 and 0.9405 in extension.

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 point 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 0.9285, take profit at 0.9375.

Resistance levels: 0.9375, 0.9405, and 0.9455

Support levels: 0.9255, 0.9230, and 0.9200.

The material has been provided by InstaForex Company -