Technical analysis of USD/CHF for February 15, 2017

Overview:

• The USD/CHF pair is trading in an uptrend channel, the market showed signs of instability. According the previous events, the trend is still trading between the levels of 0.9974 and 1.0101. Besides, the daily resistance and support are seen at the levels of 1.0101 and 0.9974 respectively. Yesterday, the market moved from its bottom at 0.9974 and continued to rise towards the top of 1.0045. The current rise will remain within a framework of correction. However, the resistance will be set at the point of 1.0158. If the pair fails to pass through the level of 1.0158, the market will indicate a bearish opportunity below the strong resistance level of 1.0158 (the level of 1.0158 coincides with the ratio of 61.8% Fibonacci retracement). Since there is nothing new in this market, it is not bullish yet. Sell deals are recommended below the level of 1.0158 with the first target at 1.0050. If the trend breaks the support level of 1.0050, the pair is likely to move downwards continuing the development of a bearish trend to the level 0.9974 in order to test the daily support 1. Generally, we expect a large range between the levels of 0.9974 and 1.0158.

Daily key levels:

• Major resistance: 1.0158
• Minor resistance: 1.0101
• Intraday pivot point: 1.0045
• Minor support: 0.9974
• Major support: 0.9917

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

Source:: Technical analysis of USD/CHF for February 15, 2017