Technical Analysis of USD/CHF for March 24, 2016
Overview:
- The USD/CHF pair was argumentative as it was trading in a narrow sideways channel, the market showed signs of instability. According to the previous events, the price is still moving between the levels of 0.9704 and 0.9821.
- Resistance and support are seen at the levels of 0.9821 (also, the double top is already set at the point of 0.9819) and 0.9704 respectively.
- Therefore, it is recommended to be careful while setting orders in this area. In consequence, we need to wait until the sideways channel has completed.
- The current price is seen at 0.9750 which represents a key level today.
- The level of 0.9821 will act as the first resistance today. Hence, if the pair fails to pass through the level of 0.9821, the market will indicate a bearish opportunity below the strong resistance level of 0.9821.
- Sell deals are recommended below the level of 0.9821 with the first target at 0.9704. If the trend breaks the support level of 0.9704, the pair is likely to move downwards continuing the development of a bearish trend to the level 0.9650 so as to test the double bottom at the H1 time frame.
- At the same time, in case you sold below the level of 0.9621, then a stop loss should be placed at 0.9660.
The material has been provided by InstaForex Company - www.instaforex.com
