Technical analysis of USD/CHF for March 28, 2018

Overview:

The USD/CHF pair rose from the level of 0.9430 towards 0.9516. Now, the current price is set at 0.9520. On the H4 chart, the resistance is seen at the levels of 0.9568 and 0.9619. Besides, the weekly support 1 is seen at the level of 0.9422. Today, the USD/CHF pair is continuing to move in a bullish trend from the new support level of 0.9486, to form a bullish channel. Amid the previous events, we expect the pair to move between 0.9486 and 0.9568. Therefore, buy above the level of 0.9486 with the first target at 0.9486 in order to test the daily resistance 1 and further to 0.9619. Nevertheless, if the pair fails to pass through the level of 0.9568, the market will indicate a bearish opportunity below the level of 0.9568. The market will decline further to 0.9486 in order to return to the weekly pivot point. Additionally, a breakout of that target will move the pair further downwards to 0.9422.

Comment:

– The weekly pivot is seen at the level of 0.9486.

– The market is still in an uptrend. We still prefer the bullish scenario as long as the price is above the level of 0.9486.

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Source:: Technical analysis of USD/CHF for March 28, 2018