Technical analysis of USD/CHF for February 17, 2017

Overview:

• The USD/CHF pair has faced strong support at the level of 0.9974 because resistance has become support. So, the strong support is already seen at the level of 0.9974 and the pair is likely to try to approach it in order to test it again. However, if the pair fails to pass through the level of 0.9974, the market will indicate a bullish opportunity above the new support level of 0.9974 (the level of 0.9974 coincides with a ratio of 23.6% Fibonacci). Moreover, the RSI starts signaling a downward trend, as the trend is still showing strength above the moving average (100). Since the trend is above the 23.6% Fibonacci level, the market is still in an uptrend. From this point, the market is indicating a bullish opportunity above 0.9974 so it will be good to buy at 0.9974 with the first target of 1.0045. It will also call for an uptrend in order to continue towards 1.0101. The daily strong support is seen at 0.9974. However, the stop loss should always be taken into account, for that it will be reasonable to set your stop loss at the level of 0.9917.

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