Technical analysis of USD/CHF for August 30, 2016

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Overview:

  • The USD/CHF pair continues moving in a bullish trend from the support levels of 0.9744 and 0.9792. 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 0.9792, which coincides with a golden ratio (61.8% of Fibonacci). The major support is seen at the price of 0.974 which coincides with the ratio of 50% Fibonacci. Since the trend is above the 50% Fibonacci level, the market is still in an uptrend. From this point, the first support is set at the level of 0.9792. So, the market is likely to show signs of a bullish trend around the spot of 0.9792. In other words, buy orders are recommended above the golden ratio (0.9792) with the first target at the level of 0.9861. Furthermore, if the trend is able to breakout through the first resistance level of 0.9861. We should see the pair climbing towards the double top (0.9901) 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 0.9744.

The material has been provided by InstaForex Company – www.instaforex.com

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