Technical analysis of USD/CHF for March 10, 2017

Overview:

• The USD/CHF pair is calling for a bullish market from the support levels of 1.0041 and 1.0100.
• Currently, the price is in a bullish channel on the 4H chart. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market.
• As the price is still above the moving average (100), immediate support is seen at 1.0041 which coincides with a ratio of 38.2% Fibonacci.
• The first support is set at the level of 1.0041. So, the market is likely to show signs of a bullish trend around the spot of 1.0041.
• In other words, buy orders are recommended above the golden ratio (1.0041) with the first target at the level of 1.0153.
• Furthermore, if the trend is able to break out through the first resistance level of 1.0153, we should see the pair climbing towards the double top (1.0233) to test it.
• It would also be wise to consider where to place a stop loss; this should be set below the second support of 1.0041 (major support).

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