Technical Analysis of USD/CHF for April 06, 2016

Technical Analysis of USD/CHF for April 06, 2016

Wave summary:

We are still looking for support near 1.6640 to protect the downside for a rally above 1.6833 confirming upside acceleration towards 1.7220 on the way higher to 1.8550.

Even if minor support at 1.6640 should be broken, back-up support is seen near 1.6578. It will take an unexpected break below support at 1.6430 to question this rally.

Trading recommendation:

We are long in EUR from 1.6250 with stop placed at 1.6600. If you are not long in EUR yet, then buy near 1.6640 or upon a break above 1.6800 and use the same stop at 1.6600.

The material has been provided by InstaForex Company - www.instaforex.com