Technical analysis of USD/CHF for July 18, 2017

All our targets which we predicted in Yesterday’s analysis have been hit. The pair retreated from 0.9700 (around the high of July 14th) and broke below its 20-period and 50-period moving averages. In addition, the bearish cross between 20-period and 50-period moving averages has been identified. The relative strength index is bearish and calls for a new drop.

To conclude, below 0.9610, look for a further decline to 0.9510 and even to 0.9485 in extension.

Chart Explanation: The black line shows the pivot point; the present price above pivot point indicates the bullish position and below 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: 0.9610, Take Profit: 0.9510

Resistance levels: 0.9635, 0.9655, and 0.9785

Support levels: 0.9510, 0.9485, and 0.940

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

Source:: Technical analysis of USD/CHF for July 18, 2017