Technical analysis of USD/CHF for March 21, 2017

Overview:

• The USD/CHF pair continues to move downwards from the levels of 1.0104, 1.0052 and 1.0015. The USD/CHF didn’t make significant movement since last week. There are no changes in my technical outlook because the price is still moving around the spot of 0.9979-0.9933. The pair dropped from the level of 1.0104 (this level of 1.0104 coincides with the ratio of 78.6% Fibonacci retracement) to the bottom around the spot of 0.9960. Today, the first support level is seen at 0.9933 followed by 0.9897, while daily resistance 1 is found at 1.0052. Amid the previous events, the pair is still in an uptrend, because the USD/CHF pair is trading in a bearish trend from the price of 1.0052 toward the first support level at 0.9978 in order to test it. Therefore, the first bearish wave is seen at 0.9933, for that i the pair succeeds to pass through the level of 0.9933, the market will indicate a bearish opportunity below the level of 0.9978. In other words, sell orders are recommended below the spot of 0.9978 with the first target at the level of 0.9933; and continue toward 0.9897. On the other hand, if the NZD/USD pair fails to break through the major resistance level of 1.0104 today, then you should set your stop loss at 1.0150.

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

Source:: Technical analysis of USD/CHF for March 21, 2017