Technical analysis of USD/CHF for April 20, 2017

Overview:

• The USD/CHF pair fell from the level of 1.0033 towards 0.9950. On the H4 chart, the resistance is seen at the levels of 0.9991 and 1.0033. The swissy is still trading around the spot of 1.0033 – 0.9991. The USD/CHF pair is still expected to be moving between 1.0033 and 0.9949 (pivot point). In the short term, we expect the USD/CHF pair to continue trading in a bearish trend from the new support level of 0.9949 to form a bearish channel. Additionally, the major resistance is seen at 1.0033, while immediate resistance is found at 0.9969. According to the previous events, the pair is likely to move from 1.0033 towards 0.9991 and 0.9949 as targets. On the other hand, if the pair fails to pass through the level of 0.9949, the market will indicate a bearish opportunity below the level of 0.9896. So, the market will decline further to 0.9896. The stop loss is to be placed above the level of 1.0033. Also, it should be noted that the major resistance is seen at the price of 1.0033, for that the trend is in the bearish market as long as the price is still below the 1.0033 level.

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Source: Instaforex.com