Technical analysis of USD/CHF for February 5, 2018
February 5, 2018 8:21 am
USD/CHF is expected to trade with a bullish outlook. The pair posted a rebound and broke above its 20-period moving average after hitting the rising 50-period moving average. The relative strength index is above its neutrality level at 50 and lacks downward momentum.
The U.S. Labor Department reported that the U.S. economy added 200,000 jobs in January, stronger than +177,000 expected. The jobless rate stayed at 4.1%, the lowest since 2000, and average hourly wages rose 2.9% on year, the fastest pace in more than eight years.
To conclude, as long as 0.9280 holds on the downside, look for a new rise with targets at 0.9340 and 0.9360 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: BUY, stop loss at 0.9280, take profit at 0.9340.
Resistance levels: 0.9340, 0.9360, and 0.93700
Support levels: 0.9255, 0.9230, and 0.9200.
The material has been provided by InstaForex Company – www.instaforex.com
USD/CHF is expected to trade with a bullish outlook. The pair posted a rebound and broke above its 20-period moving average after hitting the rising 50-period moving average. The relative strength index is above its neutrality level at 50 and lacks downward momentum.
The U.S. Labor Department reported that the U.S. economy added 200,000 jobs in January, stronger than +177,000 expected. The jobless rate stayed at 4.1%, the lowest since 2000, and average hourly wages rose 2.9% on year, the fastest pace in more than eight years.
To conclude, as long as 0.9280 holds on the downside, look for a new rise with targets at 0.9340 and 0.9360 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: BUY, stop loss at 0.9280, take profit at 0.9340.
Resistance levels: 0.9340, 0.9360, and 0.93700
Support levels: 0.9255, 0.9230, and 0.9200.
The material has been provided by InstaForex Company – www.instaforex.com
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