Technical analysis of USD/CHF for May 04, 2018

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Overview:

The USD/CHF pair is still trading between the levels of 0.9927 and 1.0003. The USD/CHF pair will continue to rise from the level of 0.9927. The support is found at the level of 0.9868, which represents the 61.8% Fibonacci retracement level in the H1 time frame. The price is likely to form a double bottom. Today, the major support is seen at 0.9868, while immediate resistance is seen at 1.0003. Accordingly, the USD/CHF pair is showing signs of strength following a breakout of a high at 0.9961. So, buy above the level of 0.9961 with the first target at 1.0003 in order to test the daily resistance 1 and move further to 1.0048. Also, the level of 1.0048 is a good place to take profit because it will form a new double top. Amid the previous events, the pair is still in an uptrend; for that we expect the USD/CHF pair to climb from 0.9961 to 1.0048 today. At the same time, in case a reversal takes place and the USD/CHF pair breaks through the support level of 0.9868, a further decline to 0.9826/0.9800 can occur, which would indicate a bearish market.

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