Technical analysis of USD/CHF for March 29, 2018

analytics5abcbd91e7d98.png

Overview:

The USD/CHF pair will continue to rise from the level of 0.9559. The support is found at the level of 0.9525, which represents the 61.8% Fibonacci retracement level in the H1 time frame. The price is likely to form a double bottom. Today, the major support is seen at 0.9525, while immediate resistance is seen at 0.9583. Accordingly, the USD/CHF pair is showing signs of strength following a breakout of a high at 0.9583. So, buy above the level of 0.9583 with the first target at 0.9605 in order to test the daily resistance 1 and move further to 0.9625. Also, the level of 0.9625 is a good place to take profit because it will form a new double top. Amid the previous events, the pair is still in an uptrend; for that we expect the USD/CHF pair to climb from 0.9559 to 0.9625 today. At the same time, in case a reversal takes place and the USD/CHF pair breaks through the support level of 0.9525, a further decline to 0.9450 can occur, which would indicate a bearish market.

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