Technical analysis of USD/CHF for February 2, 2018
February 2, 2018 7:21 am
USD/CHF is expected to move toward 0.9220. The pair remains under pressure below its key resistance at 0.9300, and is now testing its support at 0.9250. Both the 20-period and 50-period moving averages are heading downward, and should maintain the strong selling pressure on the prices. Last but not least, the relative strength index is bearish below its neutrality area at 50.
In which case, as long as 0.9300 is not surpassed, it is likely to decline to 0.9250 and 0.9220 in extension.
Chart Explanation: The black line shows the pivot point. The present price above the pivot point indicates a bullish position, and the price below the pivot point indicates a short position. The red lines show the support levels, and the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Strategy: SELL, stop loss at 0.9300, take profit at 0.9250.
Resistance levels: 0.9340, 0.9365, and 0.93700
Support levels: 0.9250, 0.9220, and 0.9200.
The material has been provided by InstaForex Company – www.instaforex.com
USD/CHF is expected to move toward 0.9220. The pair remains under pressure below its key resistance at 0.9300, and is now testing its support at 0.9250. Both the 20-period and 50-period moving averages are heading downward, and should maintain the strong selling pressure on the prices. Last but not least, the relative strength index is bearish below its neutrality area at 50.
In which case, as long as 0.9300 is not surpassed, it is likely to decline to 0.9250 and 0.9220 in extension.
Chart Explanation: The black line shows the pivot point. The present price above the pivot point indicates a bullish position, and the price below the pivot point indicates a short position. The red lines show the support levels, and the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Strategy: SELL, stop loss at 0.9300, take profit at 0.9250.
Resistance levels: 0.9340, 0.9365, and 0.93700
Support levels: 0.9250, 0.9220, and 0.9200.
The material has been provided by InstaForex Company – www.instaforex.com
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