Technical analysis of USD/CHF for May 09, 2018

Overview:

The USD/CHF pair follows a bullish trend from the support levels of 0.9945 and 0.9993. Currently, the price is in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. As the price is still above the moving average (100), the immediate support is seen at 0.9993, which coincides with a golden ratio (78.6% of Fibonacci). Consequently, the first support is set at the level of 0.9993. So, the market is likely to show signs of a bullish trend around the spot of 0.9993. In other words, buy orders are recommended above the level of 0.9993 with the first target at the level of 1.0055. Furthermore, if the trend is able to breakout through the first resistance level of 1.0055. We should see the pair climbing towards the new double top (1.0096) to test it. It would also be wise to consider where to place a stop loss; this should be set below the second support of 0.9911.

Daily key levels:

• Major resistance: 1.0096
• Minor resistance: 1.0055
• Intraday pivot point: 0.9993
• Minor support: 0.9945
• Major support: 0.9911

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

Source:: Technical analysis of USD/CHF for May 09, 2018