Technical analysis of USD/CHF for January 09, 2018
All our targets which we predicted in yesterday's analysis have been hit. USD/CHF is expected to continue the upside movement. The pair is trading above its rising 50-period moving average, which plays a support role and maintains the upside bias. A support base at 0.9780 has formed and has allowed for a temporary stabilization. The relative strength index lacks downward momentum.
Therefore, while the price is above 0.9780, we expect a further advance to 0.9870 and even to 0.9885 in extension.
Chart Explanation: The black line shows the pivot point. The present price above the pivot point indicates a bullish position, and the price below the pivot point indicates a short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Strategy: buy, stop loss at 0.97, take profit at 0.9800.
Resistance levels: 0.9840, 0.9870, and 0.9915
Support levels: 0.9755, 0.9735, and 0.9700.The material has been provided by InstaForex Company - www.instaforex.com
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