Technical analysis of USD/CHF for May 19, 2017
May 19, 2017 1:13 amVideo
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Overview:
The major resistance level is seen at 0.9850 followed by 0.9893 as second resistance.
Also, the level of 0.9787 represents a weekly pivot point for that it will act as major level in coming hours.
Amid the previous events, the pair is still in a downtrend, because it is trading in a bearish trend from the new resistance line of 0.9893 towards the first support level at 0.9787 in order to test it.
However, if a breakout happens at the resistance level of 0.9893 (resistance 1), then this scenario may be invalidated.
Additionally, the support is found at 0.9893, which represents the 50% Fibonacci retracement level on the daily time frame. Since the trend is below the 50% Fibonacci level, the market is still in an downtrend.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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