Technical analysis of USD/CHF for February 08, 2018

Overview:

• The USD/CHF pair continued to move upwards from the level of 0.9399. Since yesterday, the pair has risen from the level of 0.9399 (the level of 0.9399 coincides with the ratio of 38.2% Fibonacci Expansion) to the top around 0.9460. In consequence, the USD/CHF pair broke resistance at 0.9444, which turned into strong support at the level of 0.9444 (pivot). In the H1 time frame, the level of 0.9444 is expected to act as major support today. Currently, the price is moving in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish market. The price is still above the moving average (100). From this point, we expect the USD/CHF pair to continue moving in the bullish trend from the new support level of 0.9444 towards the target level of 0.9489. If the pair succeeds in passing through the level of 0.9489, the market will indicate the bullish opportunity above the level of 0.9489 so as to reach the second target at 0.9552. At the same time, if the USD/CHF pair is able to break out the level of 0.9399, the market will decline further to 0.9300 (daily support 2).

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

Source:: Technical analysis of USD/CHF for February 08, 2018