11.10.201607:59 Forex Analysis & Reviews: Technical analysis of USD/CHF for October 11, 2016

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 expected to trade in a higher range as the bias remains bullish. The pair is trading above its rising 50-period moving average, which now acts as strong support. At the same time, a support base at 0.9790 has formed, and the downside room should be limited by this level. Additionally, the relative strength index is above its neutrality area at 50. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

The U.S. dollar remained firm while being buoyed by expectations of the Federal Reserve probably raising interest rates in December. Wednesday's release of the Federal Reserve Open Market Committee's latest meeting minutes should be closely watched by investors.

Hence, as long as 0.9790 is not broken, expect a new rise to 0.9865, if breakout, look for 0.9885.

Resistance levels: 0.9865, 0.9885, 0.9935

Support levels: 0.9765, 0.9745, 0.9700

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.