Technical analysis of USD/CHF for October 26, 2017

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Overview:

• The USD/CHF pair is still trading in the bullish trend from the support spot of 0.9870- 0.9900. On the H4 chart, the price is in a bullish channel. This is confirmed by the RSI indicator signaling that it is still in a bullish trending market. As the price is still above the moving average (100), immediate support is seen at 0.9836, which coincides with a golden ratio (61.8% of Fibonacci). Hence, the first support is set at the level of 0.9836. So, the market is likely to show signs of a bullish trend around the area of 0.9810- 0.9836. In other words, buy orders are recommended above the prices of 0.9810- 0.9870 with the first target at the level of 0.9892 (pivot point). Furthermore, if the trend is able to break out through the first resistance level of 0.9892. Moreover, the pair could climb towards the second resistance levels of 0.9917 and 0.9950. Alos, it should be noted that the 3rd resistance is seen at the point of 0.9970.
  However, it would also be wise to consider where to place a stop loss; this should be set below the second support of 0.9850.

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