- The bias remains bullish in the nearest term testing 1.0195 or 1.0272. Also, it should be noted that the price is in a bullish channel and the major resistance is seen at the price of 1.0272 which coincides with the ratio 161.8% Fibonacci. 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). The USD/CHF pair faced resistance at the level of 1.0195, while minor resistance is seen at 1.0121. Support is found at the levels of 1.0121 and 0.9996.
The USD/CHF pair continued to move upwards from the level of 1.0121. The pair rose from the level of 1.0121 to the top around 1.0163. Afterwards, the USD/CHF pair broke resistance, which turned into strong support at the level of 1.0121. Today, the level of 1.0121 is expected to act as major support. Hence, we expect the USD/CHF pair to continue moving in the bullish trend from the support level of 1.0121 towards the target level of 1.0195. If the pair succeeds in passing through the level of 1.0195, the market will indicate the bullish opportunity above the level of 1.0195 in order to reach the second target at 1.0272 to form a new double top in the H4 time frame. Thus, the trend will probably continue its uptrend today as long as the level of 0.9996 is not breached. On the other hand, if the USD/CHF pair fails to break through the resistance level of 1.0272 today, the market will decline further to 1.0121. We expect a range between the levels of 1.0121 and 1.0272.
The material has been provided by InstaForex Company – www.instaforex.com
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