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Technical analysis of USD/CHF for April 21, 2017

April 21, 2017
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Overview:

  • The USD/CHF pair faced resistance at the level of 1.0033, while minor resistance is seen at 0.9991. Support is found at the levels of 0.9949 and 0.9896. The USD/CHF pair continued to move upwards from the level of 0.9949. The pair rose from the level of 0.9949 to the top around 0.9991. In consequence, the USD/CHF pair broke resistance, which turned into strong support at the level of 0.9949. Today, the level of 0.9949 is expected to act as major support. Hence, we expect the USD/CHF pair to continue moving in the bullish trend from the support level of 0.9949 towards the target level of 1.0033.
    If the pair succeeds in passing through the level of 1.0033, the market will indicate the bullish opportunity above the level of 1.0033 in order to reach the second target at 1.0093 to test the double top. However, the price spot of 1.0033 – 1.0093 remains a significant resistance zone. Thus, the trend will probably be rebounded again from the double top as long as the level of 1.0093 is not breached.

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

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