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Technical analysis of USD/CHF for March 24, 2017
Posted On 24 Mar 2017
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USD/CHF is expected to rebound and the rebound should be limited. The pair is holding on the upside and is trading above its rising 50-period moving average, which plays a support role and maintains the bullish bias. The relative strength index stands firmly above its neutrality level at 50 and lacks downward momentum.
Republicans in the House of Representatives postponed a planned vote on U.S. President Donald Trump’s healthcare bill, causing investors to doubt on whether Trump could smoothly deliver his other promises on fiscal stimulus and tax cuts.
Therefore, as long as 0.9925 is supported, expect a new rise to 0.9990 and even to 1.0010 in extension.
To sum up, as long as 0.9965 holds on the upside, look for a further drop to 0.9905 and even to 0.9880 in extension.
Resistance levels: 0.9990, 1.0010, and 1.0045
Support levels: 0.9905, 0.9880, and 0.9845
The material has been provided by InstaForex Company – www.instaforex.com
