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Technical analysis of USD/CHF for May 17, 2016



  • The USD/CHF pair broke resistance, which turned into strong support at the level of 0.9735 last week. The level of 0.9715 coincides with a golden ratio (78.6% of Fibonacci), which is expected to act as major support today. The Relative Strength Index (RSI) is considered overbought because it is above 70. Additionally, the RSI is still calling for a strong bullish market as well as the current price is also above the moving average 100. So, the USD/CHF pair continues moving upwards from the levels of 0.9715 and 0.9735. Yesterday, the pair rose from the level of 0.9750 to the top around 0.9789. Today, the first resistance level is seen at 0.9877 followed by 0.9961, while daily support 1 is seen at 0.9735. According to the previous events, the USD/CHF pair is still moving between the levels of 0.9735 and 0.9877. Consequently, the USD/CHF pair is showing signs of strength following a breakout of a high at 0.9750. So, buy above the level of 0.9750 with the first target at 0.9877 in order to test the daily resistance 1 and move further to 0.9961. On the contrary, in case a reversal takes place and the USD/CHF pair breaks through the support level of 0.9735, then stop loss should be placed at 0.9700.
The material has been provided by InstaForex Company -