Technical analysis of USD/CHF for July 27, 2017

Overview:

• The USD/CHF is still trading around the area of 0.9579-0.9525. The trend probably will continue to trade downwards from the level of 0.9525 again. Today, the first resistance level is currently seen at 0.9525, the price is moving in a bearish channel now. According to the previous events, we expect the USD/CHF pair to trade between 0.9525 and 0.9400. So, the support stands at 0.9400, while daily resistance is found at 0.9525. Therefore, the market is likely to show signs of a bearish trend around the spot of 0.9525. In other words, sell orders are recommended below the spot of 0.9525 with the first target at the level of 0.9400 and continue towards 0.9360 in order to test the weekly support 1 on the H4 chart. On the other hand, if the USD/CHF pair fails to break through the first resistance level of 0.9525 today, the market will move upwards continuing the development of the bullish trend to the level 0.9579. Since the trend is below the 38.2% Fibonacci level, the market is still in a downtrend. Overall, we still prefer the bearish scenario.

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