Technical analysis of USD/CHF for April 24, 2018

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Overview:

The USD/CHF pair is showing signs of strength following a breakout of the highest level of 0.9767.

On the H4 chart. The major support is seen at the level of 0.9710.

the level of 0.9710 coincides with 61.8% of Fibonacci, which is expected to act as minor support today. Since the trend is above the 61.8% Fibonacci level, the market is still in an uptrend.

Furthermore, the trend is still showing strength above the moving average (100).

Thus, the market is indicating a bullish opportunity above the above-mentioned support levels, for that the bullish outlook remains the same as long as the 100 EMA is headed to the upside.

Therefore, strong support will be found at the level of 0.9767 providing a clear signal to buy with a target seen at 0.9792.

If the trend breaks the minor resistance at 0.9792, the pair will move upwards continuing the bullish trend development to the level 0.9831 in order to test the daily resistance 1.

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