Technical analysis of USD/CHF for August 09, 2017

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USD/CHF is under pressure and expected to trade in a lower range. The technical outlook of the pair is bearish as the price recorded lower tops and lower bottoms since August 3. The declining 50-period moving average is playing a resistance role. The relative strength index is below its neutrality level at 50.

To conclude, as long as 0.9705 holds on the upside, a new drop to 0.9595 and even to 0.9565 seems more likely to occur.

Chart Explanation: The black line shows the pivot point. The present price above the pivot point indicates the bullish position and below the pivot points indicates the 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: 0.9705, Take Profit: 0.9595

Resistance levels: 0.9735, 0.9770, and 0.9795

Support levels: 0.9695, 0.9565, and 0.9525

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

Source:: Technical analysis of USD/CHF for August 09, 2017

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