Technical analysis of USD/CHF for September 07, 2017

USDCHFH4.png

Overview:

  • Pivot: 0.9636.
  • The USD/CHF pair is trading with bullish bias from the support levels of 0.9558 on the H1 chart. Currently, the price is in a bullish channel and the price is seen at the spot of 0.9558- 0.9509.
    The USD/CHF pair will probably continue to move upwards from the level of 0.9558. Yesterday, the pair rose from the level of 0.9558 to a top around 0.9670.
    Today, the first resistance level is seen at 0.9693 followed by 0.9725, while daily support 1 is found at 0.9558 (38.2% Fibonacci retracement).
    The USD/CHF pair is still moving between the levels of 0.9550 and 0.9636.
    Furthermore, if the trend is able to break out through the first resistance level at 0.9693, buy above the level of 0.9558 with the first target at 0.9693 in order to test the daily resistance 1 and further to 0.9725. Also, it might be noted that the level of 0.9725 is a good place to take profit because it will form a major resistance today.
    However, on the H4 chart the market is shown a bearish trend for that if a breakout takes place at the support level of 0.9500, then this scenario may become invalidated.
USDCHFH1.png

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Source:: Technical analysis of USD/CHF for September 07, 2017

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