Technical analysis of USD/CHF for February 26, 2016

Overview:

• The USD/CHF pair faced resistance at the level of 0.9960, while minor resistance is seen at 0.9929. Support is found at the levels of 0.9878 and 0.9831. Yesterday, the USD/CHF pair continued to move upwards from the level of 0.9878. The pair rose from the level of 0.9878 to the top around 0.9920. In consequence, the USD/CHF pair broke resistance, which turned strong support at the level of 0.9878. Today, the level of 0.9878 is expected to act as major support. Hence, we expect the USD/CHF pair to continue moving in the bullish trend from the support level of 0.9878 towards the target level of 0.9958. If the pair succeeds in passing through the level of 0.9962, the market will indicate the bullish opportunity above the level of 0.9962 in order to reach the second target at 1.0002 to test the double top in the H1 time frame. However, the price spot of 1.0002 remains a significant resistance zone. Thus, the trend will probably be rebounded again from the double top as long as the level of 1.0002 is not breached.

Daily key levels:

• Major resistance:1.0002
• Minor resistance:0.9960
• Intraday pivot point:0.9919
• Minor support:0.9878
• Major support:0.9831

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