Technical Analysis of USD/CHF for March 29, 2016
USD/CHF is under pressure. The pair broke below its rising trend line, which should confirm a bearish reversal. The nearest resistance at 0.9785 maintains the strong selling pressure on the prices. Furthermore, a bearish cross has been identified between the 20-period and 50-period moving averages. To conclude, as long as 0.9785 is not surpassed, the risk of the break below 0.9685 remains high.
Trading Recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.9685. A break of this target will move the pair further downwards to 0.9650. The pivot point stands at 0.9785. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 0.9845 and the second target at 0.9880.
Resistance levels: 0.9845, 0.9880, 0.9925
Support levels: 0.9685, 0.9650, 0.9610
The material has been provided by InstaForex Company - www.instaforex.com
