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Technical analysis of USD/CHF for November 10, 2016

USDCHFH4c.png

Overview:

  • On the one-hour chart, the USD/CHF pair continues moving in a bullish trend from the support levels of 0.9776 and 0.9826.
  • Currently, the price is in a bullish channel.
  • This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. As the price is still above the moving average (100), immediate support is seen at 0.9826, which coincides with a golden ratio (61.8% of Fibonacci).
  • Consequently, the first support is set at the level of 0.9826. So, the market is likely to show signs of a bullish trend around the spot of 0.9826.
  • In other words, buy orders are recommended above the golden ratio (0.9826) with the first target at the level of 0.9901.
  • Furthermore, if the trend is able to breakout through the first resistance level of 0.9901.
  • We should see the pair climbing towards the double top (0.9998) to test it. It would also be wise to consider where to place a stop loss; this should be set below the second support of 0.9772.
The material has been provided by InstaForex Company - www.instaforex.com