Technical analysis of USD/CHF for January 18, 2018

USD/CHF is expected to trade with bullish bias above 0.9615. The pair has clearly reversed up and now stands firmly above its 20-period and 50-period moving averages, which now act as strong support roles. The relative strength index is bullish above its neutrality area at 50.

Hence, above 0.9615, a new bounce seems to be on the cards with the targets at 0.9675 & 0.9700.

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 0.9660, take profit at 0.950.

Resistance levels: 0.9700, 0.9725, and 0.9770

Support levels: 0.9570, 0.9550, and 0.9520.

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

Source:: Technical analysis of USD/CHF for January 18, 2018