Technical analysis of USD/CHF for March 11, 2015

Overview:

• The USD/CHF pair has not shown signs of following the break of the highest level of 0.9978, So the support has been set at the level of 0.9980 on the H1 chart. Therefore, it will be a good sign to buy above the level of 0.9980 with the first target of 1.0093 and resume to 1.0130. However, in case if a reversal takes place and the USD/CHF pair breaks through the support level of 0.9980, the market will lead to a further decline to 0.9861 (88.2% Fibonacci retracement levels) in order to indicate the correction movement at this level. Meanwhile, the daily chart represents a strong support at 88.2% (0.9861 ) Fibonacci retracement levels, but the channel emerging of RSI is still positive on the weekly frame, so the RSI calls for a new uptrend at this level. Moreover, if the EMA50 (blue color) crosses over the last support at the level of 0.9980, it would be a confirmation for an uptrend in the long-term period.

Observations:

• Please, check out the market volatility before investing, because the sight price may have already been reached and the scenarios might have become invalidated.
• Volatility: 218.25. As a rule, the market is highly volatile if the last day had a huge volatility.
• Buyers are bidding at a lower price.
• Sellers are asking for a higher price.

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