Technical analysis of USD/CHF for April 12, 2017

Overview:

• The USD/CHF pair is showing signs of strength following a breakout of the highest level of 1.0044 (support). The level of 1.0044 coincides with the 78.6% of Fibonacci, which is expected to act as minor support today. Since the trend is above the 78.6% Fibonacci level, the market is still in an uptrend. But, major support is seen at the level of 0.9994. Moreover, the trend is still showing strength above the moving average (100). Thus, the market is indicating a bullish opportunity above the above-mentioned support levels, for that the bullish outlook remains the same as long as the 100 EMA is headed to the upside. Therefore, strong support will be found at the level of 0.9994 providing a clear signal to buy with a target seen at 1.0107. If the trend breaks the minor resistance at 1.0107, the pair will move upwards continuing the bullish trend development to the level 1.0150 in order to test the daily resistance. As a result, buy orders are recommended above the area of 1.0044 – 0.9994 with the first target at the level of 1.0107; and continue towards 1.0150.

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

Source:: Technical analysis of USD/CHF for April 12, 2017