Technical analysis of USD/CHF for April 20, 2018

Overview:

Pivot: 0.9589.

The USD/CHF pair didn’t make significant movement this week. There are no changes in my technical outlook. The bias remains bullish in nearest term testing 0.9809 or higher. The USD/CHF pair continues to move upwards from the level of 0.9589. Yesterday, the pair rose from the level of 0.9589 (the level of 0.9589 coincides with a ratio of 78.6% Fibonacci retracement) to a top around 0.9698. Today, the first support level is seen at 0.9589 followed by 0.9503, while daily resistance 1 is seen at 0.9755. According to the previous events, the USD/CHF pair is still moving between the levels of 0.9600 and 0.9755; for that, we expect a range of 155 pips (0.9755 – 0.9600). On the one-hour chart, immediate resistance is seen at 0.9698, which coincides with the double top. Currently, the price is moving in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. The price is still above the moving average (100) and (50), Therefore, if the trend is able to break out through the first resistance level of 0.9755, we should see the pair climbing towards the weekly resistance at 0.9809 to test it. It would also be wise to consider where to place stop loss; this should be set below the second support of 0.9503.

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Source:: Technical analysis of USD/CHF for April 20, 2018