Overview:
- The USD/CHF pair continues moving in a bullish trend from the support levels of 0.9562. Currently, the price is in a bullish channel on the H4 chart. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. The price is still above 0.9564. The USD/CHF pair is going to continue rising from the level of 0.9562 in the long term. It should be noted that the support is established at the level of 0.9562, which represents the 23.6% Fibonacci retracement level. The price is likely to form a double bottom in the same time frame. Accordingly, the USD/CHF pair is showing signs of strength following a breakout of the highest level of 0.9562.
- Consequently, buy above the level of 0.9562 with the first target at 0.6768 in order to test the daily resistance 1 and further go to 0.9639. Also, it might be noted that the level of 0.9699 is a good place to take profit because it will form a double top today. On the other hand, in case a reversal takes place and the USD/CHF pair breaks through the support level of 0.9564, a further decline to 0.9443 can occur, which would indicate a bearish market.
The material has been provided by InstaForex Company – www.instaforex.com
The post Technical analysis of USD/CHF for June 16, 2016 appeared first on forex-analytics.press.