07.11.201713:02 Forex Analysis & Reviews: Technical analysis of USD/CHF for November 07, 2017

Overview:

• The USD/CHF pair broke the resistance at the price of 0.9998 which acts as support since last week.The pair has already formed major support at 0.9942. The strong support is seen at the level of 0.9898. And the minor support is seen at 0.9998 now. On the H1 chart, the RSI and the moving average (100) are still pointing to the upside. Therefore, the market indicates a bullish opportunity at the level of 0.9942. Buy above the minor support of 0.9942 with targets at the levels of 1.0050 and 1.0100. Moreover, if the pair closes below the minor support (0.9942), the price will fall into the bearish market in order to go further towards the strong support at 0.9898. Briefly, the minor support is seen at the level of 0.9942. It will be profitable to buy above the spot of 0.9940 with the targets of 0.9998, 1.0050 and 1.0100. On the other hand, the stop loss should be placed at the 0.9900 level on the H1 chart. We are still looking for a strong bullish market in coming two days.

Obseravtions:

• Pivot point is seen at the price of 0.9998.
• Major support sets at the level of 0.9942.
• It should be noted that if the trend is buoyant, then the strength in this currency pair will be defined as follows: USD is in an uptrend and CHF is in a downtrend.