Technical analysis of USD/CHF for April 13, 2018

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Overview:

Today, the USD/CHF pair has broken resistance at the level of 0.9549 which is acting as support now. Thus, the pair has already formed minor support at 0.9549. The strong support is seen at the level of 0.9549 because it represents the daily support 1. Equally important, the RSI and the moving average (100) are still calling for an uptrend. Therefore, the market indicates a bullish opportunity at the level of 0.9549 in the H4 chart. Also, if the trend is buoyant, then the currency pair strength will be defined as following: USD is in an uptrend and CHF is in a downtrend. Buy above the minor support of 0.9549 with the first target at 0.9704, and continue towards 0.9749. On the other hand, if the price closes below the minor support, the best location for the stop loss order is seen below 0.9549; hence, the price will fall into the bearish market in order to go further towards the strong support at 0.9417 to test it again. Furthermore, the level of 0.9417 will form a double bottom.

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