11.10.201611:25 Forex Analysis & Reviews: Technical analysis of USD/CHF for October 11, 2016

Overview:

The USD/CHF pair is showing signs of strength following a breakout of the highest level of 0.9751. On the H4 chart, the level of 0.9751 coincides with 61.8% of Fibonacci, which is expected to act as major support today. Since the trend is above the 61.8% Fibonacci level, the market is still in an uptrend. But, minor support is seen at the level of 0.9810. Furthermore, the trend is still showing strength above the moving average (100). Thus, the market is indicating a bullish opportunity above the mentioned support levels for that the bullish outlook remains the same as long as the 100 EMA heads upwards. Therefore, minor support will be found at the level of 0.9810 providing a clear signal to buy with a target seen at 0.9884 in order to test the double top. If the trend breaks the minor resistance at 0.9884, the pair will move upwards continuing the bullish trend development to the level of 0.9920 in order to test the daily resistance 1. On the other hand, if the price closes below the strong support of 0.9751, the best location for a stop loss order is seen above 0.9710.