Technical analysis of USD/CHF for January 15, 2018

All our downside targets which we predicted in the previous analysis have been hit. The pair remains on the downside, capped by its declining trend line. The process of lower highs and lows remains intact, which should confirm a negative outlook. In addition, the relative strength index is below its neutrality area at 50 and calls for further downsides.

Hence, as long as 0.9730 holds on the upside, look for a new drop to 0.9630 and 0.9600 in extension.

Chart Explanation: The black line shows the pivot point. The present price above the pivot point indicates a bullish position, and the price below the pivot point indicates a short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.

Strategy: Sell, stop loss at 0.9730, take profit at 0.9630.

Resistance levels: 0.9765, 0.9800, and 0.9840

Support levels: 0.9630, 0.9600, and 0.9570.

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

Source:: Technical analysis of USD/CHF for January 15, 2018