Technical analysis of USD/CHF for February 28, 2018

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Overview:

  • The USD/CHF pair continues to move upwards from the level of 0.9382. Today, the first support level is currently seen at 0.9382, the price is moving in a bullish channel now. Furthermore, the price has been set above the strong support at the level of 0.9382. This support has been rejected three times confirming the veracity of an uptrend. According to the previous events, we expect the USD/CHF pair to trade between 0.9382 and 0.9471. So, the support is seen at 0.9382, while daily resistance is found at 0.9471. Therefore, the market is likely to show signs of a bullish trend around the spot of 0.9380. In other words, buy orders are recommended above the spot of 0.9380 with the first target at the level of 0.9471; and continue towards 0.9500. However, if the USD/CH pair fails to break through the resistance level of 0.9382 today, the market will decline further to 0.9297.
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