Technical analysis of USD/CHF for February 09, 2017
February 9, 2017 9:58 amVideo
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Overview:
USD/CHF pair is moving between the levels of 0.9960-0.9990 and 0.9860. The
USD/CHF pair continued to move downwards from the level of 0.9960-0.9990. The
pair has fallen from the level of 0.9960-0.9990 to the bottom around the spot
of 0.9890. Consequently, the USD/CHF pair broke support at the level 0.9960-0.9990, which turned into strong resistance at the level of 0.9960-0.9990. In
the H1 time frame, the level of 0.9960-0.9990 is expected to act as the major
resistance today. Currently, the price is moving in a bullish channel. This is
confirmed by the RSI indicator signaling that we are still in a bullish market.
The price is still below the moving average (100). From this point, we expect
the USD/CHF pair to continue moving in the bearish trend from the resistance
levels of 0.9960-0.9990 and 0.9922 towards the target level of 0.9860. If the
pair succeeds in passing through the level of 0.9860, the market will indicate
the bearish opportunity below the level of 0.9860 so as to reach the second
target at 0.9830.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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