Technical analysis of USD/CHF for December 27, 2017

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USDCHFH1.png

Overview:

  • The USD/CHF pair is showing signs of strength following a breakout of the highest level of 0.9900.
    On the H1 chart. the level of 0.9903coincides with 50% of Fibonacci, which is expected to act as pivot point today. Since the trend is above the 50% Fibonacci level, the market is still in an uptrend.
    But, major support is seen at the level of 0.9828.
    Furthermore, the trend is still showing strength above the moving average (100).
    Thus, the market is indicating a bullish opportunity above the above-mentioned support levels, for that the bullish outlook remains the same as long as the 100 EMA is headed to the upside.
    Therefore, strong support will be found at the level of 0.9828 providing a clear signal to buy above the support levels of 0.9830 or 0.9900 with a target seen at 0.9920.
    If the trend breaks the minor resistance at 0.9920, the pair will move upwards continuing the bullish trend development to the level 0.9945 in order to test the daily resistance 2.
    However, the price spot of 0.9828 remains a significant support zone. Thus, the trend is still bullish as long as the level of 0.9828 is not breached.

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

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