20.09.201710:10 Forex Analysis & Reviews: Technical analysis of USD/CHF for September 20, 2017

Long-term review

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Overview:

The USD/CHF pair is still trading around the area of 0.9580-0.9679. The USD/CHF pair broke resistance which turned to strong support at the level of 0.9580 (major support). The level of 0.9580 coincides with a golden ratio (61.8% of Fibonacci), which is expected to act as major support today. The Relative Strength Index (RSI) is considered overbought because it is above 30. The RSI is still signaling that the trend is upward as it is still strong above the moving average (100). This suggests the pair will probably go up in coming hours.

Accordingly, the market is likely to show signs of a bullish trend. In other words, buy orders are recommended above the spot of 0.9624 with the first target at the level of 0.9679. From this point, the pair is likely to begin an ascending movement to the point of 0.9679 and further to the level of 0.9710. The level of 0.9710 will act as strong resistance and the double top is already set at the point of 0.9710. However, if a breakout takes place at the support level of 0.9580, then this scenario may become invalidated. Remember to place a stop loss; it should be set below the second support of 0.9549.

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