Technical analysis for USD/CHF for October 30, 2018

analytics5bd7d5a18aa6b.jpg

Technical outlook:

The 4H chart view for USD/CHF has been depicted here for a short term view. After having reversed sharply from 1.0026 levels, by producing an engulfing bearish candlestick reversal pattern, the USD/CHF pair seems to be testing resistance at 1.0020 levels for now. Ideally the pair is expected to produce a bearish reversal from here, towards 0.9900 and 0.9880 levels as projected here. Besides, a break below the immediate line of support as shown here, would tend to accelerate its downside further. On the flip side, only a break above 1.0026 levels would delay matters further and restrict bears to take control back.

Trading plan:

Short now, stop above 1.0026 target 0.9900 at least.

Good luck!

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