Technical analysis of USD/CHF for February 8, 2018

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All our upside targets which we predicted in yesterday's analysis have been hit. USD/CHF is expected to trade with bullish outlook. The pair recorded higher tops and higher bottoms since February 1, which confirmed a positive outlook. The rising 50-period moving average acts as a support. The relative strength index is above its neutrality level at 50.

To sum up, while the price is above 0.9365, look for a further advance with targets at 0.9460 and 0.9500 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 0.9365, take profit at 0.9460.

Resistance levels: 0.9460, 0.9500, and 0.9550

Support levels: 0.9330, 0.9300, and 0.9270.

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