Technical analysis of USD/CHF for May 29, 2017

Overview:

• The USD/CHF pair:
• The bias remains bearish in the nearest term testing 0.9645 or lower.
• The first resistance level is seen at 0.9787 followed by 0.9847, while daily support 1 is seen at 0.9691. The USD/CHF pair broke support which turned to strong resistance at 0.9787.
• The market is still set to trade around the daily pivot point of 0.9739. This week, it continued to move downwards from the level of 0.9787 to the bottom around 0.9739.
• The pair is trading below this level. It is likely to trade in a lower range as long as it remains below the resistance of 0.9787 which is expected to act as major resistance.
• Amid the previous events, the USD/CHF pair is still moving between the levels of 0.9787 and 0.9691.
• For that reason, the major resistance can be found at 0.9787 providing a clear signal to sell with a target seen at 0.9691. If the trend breaks the minor support at 0.9691, the pair will move downwards continuing the bearish trend development to the level of 0.9645 and 0.9600 in order to test the daily support 3. The bearish scenario which suggests that the pair will stay below the spot of 0.9787.

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Source:: Technical analysis of USD/CHF for May 29, 2017