09.08.201611:58 Forex Analysis & Reviews: Technical analysis of USD/CHF for August 09, 2016

Overview:

• The USD/CHF pair continues to move upwards from the level of 0.9790. Yesterday, the pair rose from the level of 0.9790 (the level of 0.9790 coincides with a ratio of 50% Fibonacci retracement) to a top around 0.9840. Since the trend is above the 50% Fibonacci level, the market is still in an uptrend. From this point, the USD/CHF pair is continuing in a bullish trend from the new support of 0.9790. Today, the first support level is seen at 0.9790 followed by 0.9752, while daily resistance 1 is seen at 0.9881. According to the previous events, the USD/CHF pair is still moving between the levels of 0.9790 and 0.9881; for that we expect a range of. On the one-hour chart, immediate resistance is seen at 0.9881, which coincides with a ratio of 78.6% Fibonacci retracement. Currently, the price is moving in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. The price is still above the moving average (100). Therefore, if the trend is able to break out through the first resistance level of 0.9881, we should see the pair climbing towards the daily resistance at 0.9911 to test it. It would also be wise to consider where to place stop loss; this should be set below the second support of 0.9752.