Long-term review
This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.
Overview:
- The USD/CHF pair continues to move downwards from the level of 0.9617. This week, the pair dropped from the level of 0.9617 to the bottom around 0.9520. Now, the price is set at 0.9544. The resistance is seen at the level of 0.9585 and 0.9617. Moreover, the price area of 0.9580 and 0.9617 remains a significant resistance zone.
- In the H1 time frame, the first support level is seen at 0.9502, the price is moving in a bearish channel now. Furthermore, the price has been set below the strong resistance at the level of 0.9617, which coincides with the 38.2% Fibonacci retracement level. This resistance has been rejected several times confirming the veracity of a downtrend. Additionally, the RSI starts signaling a downward trend. As a result, if the USD/EUR pair breaks the first support at 0.9502, the market will decline further to 0.9435 in order to test the weekly support 2. Consequently, the market is likely to show signs of a bearish trend. So, it will be good to sell below the level of 0.9585 with the first target at 0.9502 and further to 0.9435. However, stop loss is to be placed above the price of 0.9630
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.