Technical analysis of USD/CHF for February 7, 2018

USDCHFM30.png

Our first target which we predicted in previous analysis has been hit. USD/CHF is still expected to trade in the upper range. Although the pair posted a pullback, a support base at 0.9315 has formed and has allowed for a temporary stabilization. The rising 50-period moving average is playing a support role.

To sum up, as long as 0.9335 is not broken, look for a further rise with targets at 0.9395 and 0.9425 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 0.9315, take profit at 0.9425.

Resistance levels: 0.9395, 0.9425, and 0.9465

Support levels: 0.9300, 0.9275, and 0.9240.

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