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Technical analysis of USD/CHF for May 17, 2016


USD/CHF is expected to post some further gains. The pair stands firmly above its nearest support at 0.9740, and seems likely to post a new rise. A test of the next resistance at 0.9795 is expected in the coming trading hours, as the rising 20-period and 50-period moving averages play well support roles, and should continue to push the prices higher. Besides, the relative strength index is also bullish above its neutrality area at 50. Hence, as long as 0.9740 holds on the upside, look for further advance to 0.9850 and 0.9890 in extension.

Trading recomendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 0.9850 and the second one, at 0.9890. In the alternative scenario, short positions are recommended with the first target at 0.97 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.9660. The pivot point is at 0.9740.

Resistance levels: 0.9850, 0.9890, 0.9935

Support levels: 0.97, 0.9660, 0.9625

The material has been provided by InstaForex Company -