Technical analysis of USD/CHF for March 07, 2018

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Overview:

  • The daily pivot point is set at the point of 0.9438. Today, the USD/CHF pair will probably continue rising from the level of 0.9342 in the long term. It should be noted that the support is established at the level of 0.9438 which represents the daily pivot point on the H4 chart. The bias remains bullish in nearest term testing 0.9594 or higher. Accordingly, the USD/CHF pair is showing signs of strength following a breakout of the highest level of 0.9438. So, buy above the level of 0.9438 with the first target at 0.9516 in order to test the daily resistance 1. The level of 0.9594 is a good place to take profits. Moreover, the RSI is still signaling that the trend is upward as it remains strong above the moving average (100). This suggests that the pair will probably go up in coming hours. If the trend is able to break the level of 0.9516, then the market will call for a strong bullish market towards the objective of 0.9704. The price is likely to form a double botttop m in the same time frame On the other hand, in case a reversal takes place and the USD/CHF pair breaks through the support level of 0.9342, a further decline to 0.9187 can occur. It would indicate a bearish market.
The material has been provided by InstaForex Company - www.instaforex.com