Technical analysis of USD/CHF for March 07, 2018

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USD/CHF is under pressure. The pair retreated below the key resistance at 0.9445 and broke below its 20-period and 50-period moving averages. Additionally, the 50-period moving average is reversing down. The relative strength index lacks upward momentum.

The U.S. dollar resumed its downtrend as investors expected lower geopolitical tensions after South Korea announced plans to hold a summit with North Korea.

To conclude, as long as 0.9445 is not surpassed, look for a return with targets at 0.9360 and 0.9335 (the low of March 2) 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: SELL, stop loss at 0.9445, take profit at 0.9360.

Resistance levels: 0.9475, 0.9500, and 0.9540

Support levels: 0.9360, 0.9335, and 0.9300.

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