Overview:
- The USD/CHF pair continues to move upwards from the level of 0.9989. Yesterday, the pair rose from the level of 0.9989 to a top around 1.0090. Today, the first resistance level is seen at 1.0138 followed by 1.0179, while daily support 1 is seen at 0.9989 (61.8% Fibonacci retracement). According to the previous events, the USD/CHF pair is still moving between the levels of 0.9989 and 1.0138.
Furthermore, if the trend is able to break out through the first resistance level at 1.0138, we should see the pair climbing towards the double top (1.0179) to test it.
Therefore, buy above the level of 1.0060 with the first target at 1.0138 in order to test the daily resistance 1 and further to 1.0179. Besides, it might be noted that the level of 1.0179 is a good place to take profit because it will form a double top. On the other hand, in case a reversal takes place and the USD/CHF pair breaks through the support level of 1.0056, a further decline to 0.9989 can occur which would indicate a bearish market. Additionally, currently, the price is in a bearish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market.
The material has been provided by InstaForex Company – www.instaforex.com
The post Technical analysis of USD/CHF for November 18, 2016 appeared first on forex-analytics.press.