USD/CHF Breaks Major Trend Line Support, Decline Till 0.9630/0.9575 Is Possible

USD/CHF Breaks Major Trend Line Support, Decline Till 0.9630/0.9575 Is Possible

28 April 2016, 14:27
Roberto Jacobs
0
10

USD/CHF Breaks Major Trend Line Support, Decline Till 0.9630/0.9575 Is Possible

  • Major resistance- 0.9760 
  • Major support - 0.9680 (trend line joining 0.9493 and 0.9584) 
  • The pair has broken major support 0.9680 and declined till 0.96610 at the time of writing. It is currently trading around 0.96579. 
  • Short term trend is slightly bearish as long as resistance 0.9760 holds. Any violation above 0.9760 will take the pair to next level till 0.9800/0.9850. 
  • On the lower side any break below 0.9680 will drag the pair down till 0.9630/0.9575. 
  • Short term trend reversal only below 0.9500 level.

It is good to sell on rallies around 0.9685-0.9690 with SL around 0.9750 for the TP of 0.9575

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



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