Technical analysis of USD/CHF for July 12, 2017

Overview:

• The USD/CHF pair continues to rise from the level of 0.9623 in the long term. It should be noted that the support is established at the level of 0.9623 which represents the 38.2% Fibonacci retracement level on the H1 chart.
• The price is likely to form a double bottom in the same time frame. Accordingly, the USD/CHF pair is showing signs of strength following a breakout of the highest level of 0.9666.
• So, buy above the level of 0.9623 with the first target at 0.9698 in order to test the daily resistance 1 and further to 0.9737 (the double top).
• Also, it might be noted that the level of 0.9737 is a good place to take profit because it will form a double top.
• However, in case a reversal takes place and the USD/CHF pair breaks through the support level of 0.9623, a further decline to 0.9575 can occur which would indicate a bearish market.
• Also, it should be noted that the double bottom is seen at the price of 0.9553.

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

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