Technical analysis of USD/CHF for December 28, 2017

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Overview:

  • The USD/CHF pair continues to move downwards from the level of 0.9884. Yesterday, the pair dropped from the level of 0.9884 to the bottom around 0.9800. But the pair could not rebound from the bottom of 0.9800; because it is still moving around the spot of 0.9800. Today, the first support level is seen at 0.9791, the price is moving in a bearish channel now. Furthermore, the price has been set below the strong resistance at the level of 0.9827, which coincides with the 38.2% Fibonacci retracement level. This resistance has been rejected several times confirming the veracity of a downtrend. Additionally, the RSI starts signaling a downward trend. As a result, if the USD/CHF pair is able to break out the first support at 0.9827, the market will decline further to 0.9763 in order to test the weekly support 2. Consequently, the market is likely to show signs of a bearish trend. So, it will be good to sell below the level of 0.9827 with the first target at 0.9763 and further to 0.9734. However, stop loss is to be placed above the level of 0.9856.

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

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