Technical analysis of USD/CHF for September 06, 2017

USDCHFM30.png

The target which we have given in our previous signal has been hit. USD/CHF is expected to trade with a bearish outlook. The pair is trading below its declining 20-period and 50-period moving averages, which play resistance roles and maintain the downside bias. The relative strength index is bearish below its neutrality level at 50.

The U.S. Commerce Department reported that factory orders decreased 3.3% on month in July (as expected, vs. +3.2% in June), while durable goods orders fell 6.8% on the month (vs. -2.9% expected, +6.4% in June).

Hence, as long as 0.9575 holds on the upside, a further decline to 0.9520 and even to 0.9490 seems more likely to occur.

Chart Explanation: The black line shows the pivot point. The present price above the pivot point indicates the bullish position, and the price below the 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: 0.9575, Take Profit: 0.9520

Resistance levels: 0.9640, 0.9670, and 0.9715

Support levels: 0.9545, 0.9500, and 0.9475

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

Source:: Technical analysis of USD/CHF for September 06, 2017

Won't your trader friends like this?
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

*