11.11.201611:16 Forex Analysis & Reviews: Technical analysis of USD/CHF for November 11, 2016

Overview:

• The USD/CHF pair continues moving in a bullish trend from the support levels of 0.9780 and 0.9830. There are no changes in my technical outlook. The bias remains bullish in the nearest term testing 0.9945 or higher. Currently, the price is in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish market. As the price is still above the moving average (100), immediate support is seen at 0.9826, which coincides with the golden ratio (61.8% of Fibonacci). Consequently, the first support is set at the level of 0.9826. So, the market is likely to show signs of the bullish trend around the spot of 0.9826. In other words, buy orders are recommended above the golden ratio (0.9826) with the first target at the level of 0.9901. Furthermore, if the trend is able to break out through the first resistance level of 0.9901. We should see the pair climbing towards the double top (0.9998) to test it. It would also be wise to consider where to place a stop loss; this should be set below the second support of 0.9776 on the H4 time frame.