Technical analysis of USD/CHF for April 05, 2018

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Overview:

The USD/CHF pair continues to move upwards from the level of 0.9588. Today, the first support level is currently seen at 0.9588, the price is moving in a bullish channel now. Furthermore, the price has been set above the strong support at the level of 0.9588, which coincides with the 78.6% Fibonacci retracement level. This support has been rejected several times confirming the veracity of an uptrend this week. According to the previous events, we expect the USD/CHF pair to trade between 0.9588 and 0.9656. So, the support is seen at the 0.9588 level, while daily resistance is found at 0.9630. Therefore, the market is likely to show signs of a bullish trend around the spot of 0.9588. In other words, buy orders are recommended above the spot of 0.9588 with the first target at the level of 0.9630; and continue towards 0.9656. On the other hand, if the USD/CHF pair fails to break through the resistance level of 0.9630 today, the market will decline further to 0.9532 (major support).

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