17.11.201611:51 Forex Analysis & Reviews: Technical analysis of USD/CHF for November 17, 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 with a bullish bias above 0.9970. The pair is consolidating and broke below its 20-period and 50-period moving averages. The relative strength index is below its neutrality level at 50. Nevertheless, 0.9970 represents a significant key support level, which should limit the downside potential.

On the economic data front, October PPI remained unchanged (vs. +0.3% on month expected) and industrial production was stable (vs. +0.2% on month expected).The U.S. dollar marched higher with the ICE U.S. Dollar Index chalking a session-high of 100.57, the highest intraday level since April 2003, before settling at 100.41, up 0.2% on day. The index has been up for eight consecutive sessions gaining 3.5% in total.

As long as 0.9970 holds as support, look for a further upside toward 1.0065. A break above this level would call for a further advance toward 1.0100.

Resistance levels: 1.0065, 1.0100, 1.0135

Support levels: 0.9940, 0.9900, 0.9830

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.