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Technical analysis of USD/CHF for February 16, 2017

USDCHFH4.png

Overview:

  • The USD/CHF pair is trading in an uptrend channel, the market showed signs of instability.
  • According to the previous events, the trend is still trading between the levels of 0.9974 and 1.0101.
  • The daily resistance and support are seen at the levels of 1.0101 and 0.9974 respectively.
  • The market moved from its bottom at 0.9974 and continued to rise towards the top of 1.0045.
  • The current rise will remain within a framework of correction. However, the resistance will be set at the point of 1.0158.
  • If the pair fails to pass through the level of 1.0158, the market will indicate a bearish opportunity below the strong resistance level of 1.0158
  • Since there is nothing new in this market, it is not bullish yet.
  • Sell deals are recommended below the level of 1.0158 with the first target at 1.0050.
  • If the trend breaks the support level of 1.0050, the pair is likely to move downwards continuing the development of a bearish trend to the level 0.9974 in order to test the daily support 1.
  • Generally, we expect a large range between the levels of 0.9974 and 1.0158. So, the major suport is seen at 0.9974.
The material has been provided by InstaForex Company - www.instaforex.com