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04.10.201707:49 Forex Analysis & Reviews: Technical analysis of USD/CHF for October 04, 2017

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.
Exchange Rates 04.10.2017 analysis

Overview:

  • As expected, the NZD/USD pair continues to move downwards from the level of 0.9785. Remind that the USD/CHF pair faced strong resistance at the level of 0.9785 because the double top is set around the spot of 0.9785 yesterday. So, the strong resistance has already formed at the level of 0.9785 and the pair is likely to try to approach it in order to test it again. However, if the pair fails to pass through the level of 0.9785, the market will indicate a bearish opportunity below the new strong resistance level of 0.9785 or 0.9845 (resistance 2). Moreover, the RSI starts signaling a downward trend, as the trend is still showing strength above the moving average (100) and (50). Thus, the market is indicating a bearish opportunity below the spot of 0.9785/0.9845 so it will be good to sell at 0.9785 with the first target at 0.9707. It will also call for a downtrend in order to continue towards 0.9846. The daily strong support is seen at 0.9603. On the contrary, the stop loss should always be taken into account, for that it will be reasonable to set your stop loss at the level of 0.9845 (major resistance).
Mourad El Keddani
Analytical expert of InstaForex
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