Technical analysis of USD/CHF for December 06, 2017

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Overview:

  • The USD/CHF pair sets new record high of 0.9882 in overnight trading. The price is still trading around the zone of 0.9860. The USD/CHF pair continues to move upwards from the level of 0.9818 (major suppor today). Since the price is above this level, the market is still in an uptrend. Furthermore, the trend is still strong above the moving average (100). The USD/CHF pair didn’t make any significant movements yesterday. Hence, the market is indicating a bullish opportunity above the mentioned support levels. The bullish outlook remains valid as long as the 100 EMA is headed to the upside. Therefore, strong support will be found around the spot of 0.9818 providing a clear signal to buy with a target seen at 0.9882. If the trend breaks the first resistance at 0.9882, the pair will move upwards continuing the bullish trend development to the level of 0.9910 in order to test the daily resistance 2. However, if the USD/CHF pair succeeds to break through the support level of 0.9818 today, the market will decline further to 0.9778 in order to retest the double bottom on the H1 chart. Also, it should be noted that the major resistance is seen at 0.9946. Moreover, RSI is extremely overbought.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Technical analysis of USD/CHF for December 06, 2017

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