Technical Analysis of USD/CHF for March 31, 2016
- The USD/CHF pair didn't make any significant movements yesterday. There are no changes in our technical outlook. The bias remains bearish in the nearest term. It will test 0.9592 or lower. Immediate support is seen around 0.9592 that coincides with the double bottom. A clear break below that area could lead price to the neutral zone in the nearest term. Price will test 0.9592, because, in general, we remain bearish today. Yesterday, the market moved from its bottom at 0.9592 and continued to rise towards the top of 0.9670. Today, on the four-hour chart, the current rise will remain within a framework of the correction. However, if the pair fails to pass through the level of 0.9670 (major resistance), the market will indicate a bearish opportunity below the strong resistance level of 0.9670. Since there is nothing new in this market, it is not bullish yet. Sell deals are recommended below the level of 0.9670 with the first target at 0.9592 so as to test the double bottom. If the trend breaks the double bottom level of 0.9592, the pair is likely to move downwards continuing the development of a bearish trend to the level of 0.9515 in order to test the daily support.
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