Technical analysis of USD/CHF for September 22, 2017

Overview:

  • The current price is seen at 0.9674 which represents a key level today. The USD/CHF pair will continue rising from the level of 0.9674 in the long term. It should be noted that the support is established at the level of 0.9674 which represents the daily pivot point on the H1 chart. The price is likely to form a double bottom in the same time frame. Accordingly, the USD/CHF pair is showing signs of strength following a breakout of the highest level of 0.9743. So, buy above the level of 0.9743 with the first target at 0.9790 in order to test the daily resistance 2. Also, it should be noted that the level of 0.9790 is a good place to take profits. Moreover, the RSI is still signaling that the trend is upward as it remains strong above the moving average (100). This suggests that the pair will probably go up in coming hours. If the trend is able to break the level of 0.9790, then the market will call for a strong bullish market towards the objective of 0.9828 today. However, if a breakout happens at 0.9620, this scenario may be invalidated.

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