Technical Analysis of USD/CHF for March 04, 2016
Overview:
- The USD/CHF pair was trading around the area of 0.9887 a week ago. Today, the level of 0.9887 represents a daily support in the H1 time frame. The pair has already formed the minor resistance at 0.9957 and the strong resistance is seen at the level of 1.0022 as it represents the weekly resistance 1. So, the major resistance is seen at 1.0022, while immediate support is found at 0.9887. If the pair closes below the weekly pivot point of 0.9887, the USD/CHF pair may resume its movement to 0.9799 to test the weekly support 1. From this point, we expect the USD/CHF pair to move between the levels of 0.9887 and 0.9799. Equally important, the RSI is still calling for a strong bearish market and the current price is below the moving average 100. As a result, sell below the level of 0.9920 with targets at 0.9880 and 0.9799 in order to form a double bottom. However, stop loss should always be taken into account; accordingly, it will be beneficial to set the stop loss above the last bullish wave at the level of 0.9960
Intraday technical levels:
- R3: 1.0086
- R2: 1.0022
- R1: 0.9958
- PP: 0.9887
- S1: 0.9799
- S2: 0.9730
- S3: 0.9653
The material has been provided by InstaForex Company - www.instaforex.com
