Technical analysis of USD/CHF for January 24, 2018

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Overview:

  • The USD/CHF pair faces resistance at 0.9567, while strong resistance is seen at 0.5658. Support is found at 0.9420 and 0.9330 levels. Today, the USD/CHF pair continues to move downwards from 0.9567 level. The pair could fall from 0.9567 level to a minor support around 0.9493. In consequence, if the USD/CHF pair will break support at 0.9493, this level will turn into resistance today. In the H4 time frame, we expect the USD/CHF pair to continue moving in the bearish trend from 0.9493 level towards the target at 0.9420. In the long term, if the pair succeeds in passing through 0.9420 level , the market will indicate the bearish opportunity below 0.9420 level in order to reach the second target at 0.9330. However, the 0.9567-0.9658 mark remains a significant support zone. Thus, the trend will probably rebound again from 0.9658 level as long as this level is not breached. in overall, we still prefer the bearish scenario below the area of 0.9658.

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

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