Technical analysis of USD/CHF for December 22, 2017

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Overview:

  • The USD/CHF pair is stil continuing an uptrend since from the spot of 0.9850 and 0.9880. The bias remains bullish in the nearest term testing 1.0037 or higher. The price is still trading around the spot of 0.6948 and 0.7026. The USD/CHF pair will continue to rise from the level of 0.6948. The support is found at the level of 0.6948, which represents the 61.8% Fibonacci retracement level in the H1 time frame. The price is likely to form a double bottom. Today, the major support is seen at 0.6948, while immediate resistance is seen at 0.7026. Accordingly, the USD/CHF pair is showing signs of strength following a breakout of a high at 0.6948. So, buy above the level of 0.6948 with the first target at 0.7026 in order to test the daily resistance 1. Also, the level of 0.7026 is a good place to take profit because it will form a double top. Amid the previous events, the pair is still in an uptrend; for that we expect the USD/CHF pair to climb from 0.7026 to 0.7065 today. At the same time, in case a reversal takes place and the USD/CHF pair breaks through the support level of 0.6948, a further decline to 0.6820 can occur, which would indicate a bearish market.

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

Source:: Technical analysis of USD/CHF for December 22, 2017

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