Overview:
- On the one-hour chart, the USD/CHF pair continues moving in a bullish trend from the support levels of 0.9776 and 0.9826.
- 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 0.9826, which coincides with a golden ratio (61.8% of Fibonacci).
- Consequently, the first support is set at the level of 0.9826. So, the market is likely to show signs of a bullish trend around the spot of 0.9826.
- In other words, buy orders are recommended above the golden ratio (0.9826) with the first target at the level of 0.9901.
- Furthermore, if the trend is able to breakout through the first resistance level of 0.9901.
- We should see the pair climbing towards the double top (0.9998) 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 0.9772.
The material has been provided by InstaForex Company – www.instaforex.com
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