Technical analysis of USD/CHF for May 16, 2017


USD/CHF is expected to continue its downside movement. The pair is trading below the declining 20-period and 50-period moving averages, which play resistance roles and maintain the downside bias. The relative strength index is below its neutrality level at 50 and lacks upward momentum.

On the economic data front, Empire Manufacturing index declined to 1.0 in the month of May (expected +7.5), a drop from the 5.2 improvement in the month of April. Additionally, Net long-term TIC Flows were $59.8 billion in the month of March, increasing from $53.1 billion in the month of February.

To conclude, as long as 0.9995 is not surpassed, a further drop to 0.9935 and even to 0.9900 seems more likely to occur.

Resistance levels: 1.0020, 1.0040, and 1.0060

Support levels: 0.9935, 0.9900, and 0.9865

The material has been provided by InstaForex Company –

Source:: Technical analysis of USD/CHF for May 16, 2017

About the Author
InstaForex brand was created in 2007 and at the moment it’s a top choice of more than 2,000,000 traders. More than 1,000 clients open accounts with InstaForex every day. All InstaForex clients get great opportunities for effective trading on the forex market, as well as on-time technical and customer support

Leave a Reply