07.11.201715:47 Forex Analysis & Reviews: Technical analysis of USD/CHF for November 07, 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.

USD/CHF is under pressure. The pair confirmed an intraday bearish reversal after the downside breakout of its key horizontal level at 1.0040 (a psychological level). The 20-period and 50-period moving averages are now above the prices and should maintain the strong selling pressure. Besides, the relative strength index is negative, without showing any reversal signal.

In conclusion, below 1.0040, look for a new decline to 0.9965 and 0.9935 in extension.

Chart Explanation: The black line shows the pivot point. The present price above the pivot point indicates a bullish position, and the price below the pivot points indicates a short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.

Strategy: SELL, Stop Loss: 1.0040, Take Profit: 1.0070

Resistance levels: 1.0070, 1.0095, and 1.0145

Support levels: 0.9965, 0.9935, and 0.9900

Back to the list

Open trading account

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.