Technical Analysis of USD/CHF for March 09, 2016
Overview:
The USD/CHF pair continues to move upwards from the level of 0.9887. The pair rose from the level of 0.9887 to a top around 1.0028.
Today, the first resistance level is seen at 1.10075 followed by 1.0125, while daily support 1 is found at 0.9887 (38.2% Fibonacci retracement).
According to the previous events, the USD/CHF pair is still moving between the levels of 0.9887 and 1.0125.
Therefore, there is a possibility that the USD/CHF pair will move upside and the structure of a fall does not look corrective.
The trend is still above the 100 EMA for that the bullish outlook remains the same as long as the 100 EMA is headed to the upside.
Therefore, the major support can be found at 0.9887 - 0.9960 providing a clear signal to buy with a target seen at 1.0030.
If the trend breaks the minor resistance at 1.0030, the pair will move upwards continuing the bullish trend development to the level of 1.0075 in order to test the daily support 1.
Overall, we still prefer the bullish scenario which suggests that the pair will stay above the zone of 0.9887 - 0.9960 today. However, if a breakout happens at the support level of 0.9887, then this scenario may be invalidated.
The material has been provided by InstaForex Company - www.instaforex.com
