Technical analysis of EUR/USD for December 20, 2018

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Overview:

The USD/CHF pair continues to trade upwards from the level of 0.9951 on the H4 chart. Today, the first support level is currently seen at 0.9951, and the price is moving in a bullish channel now. There are no changes in our technical outlook. The bias remains bullish in the nearest term, testing 1.0142 or higher. Furthermore, the price has been set above the strong support at the level of 0.9951, which coincides with the daily pivot point. This support has been rejected three times confirming the veracity of an uptrend. According to the previous events, we expect the USD/CHF pair to trade between 0.9951 and 1.0058. So, the support stands at 0.9951, while daily resistance is found at 1.0058. Therefore, the market is likely to show signs of a bullish trend around the spot of 1.0058. In other words, buy orders are recommended to be placed above the spot of 1.0058/0.9951 with the first target at the level of 1.0142; and continue towards 1.0216. However, if the USD/CHF pair fails to break through the resistance level of 1.0058 today, the market will decline further to 0.9863.

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

Source:: Technical analysis of EUR/USD for December 20, 2018

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