Technical analysis of USD/CHF for December 07, 2017

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USD/CHF is expected to trade with bullish outlook. The pair is still in an uptrend, backed by an ascending trend line. A strong support base at 0.9855 has formed and should allow for a stabilization. Hence, even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

As long as 0.9875 is not broken, look for a new bounce to 0.9940 and 0.9970 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 points 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: 0.9875, Take Profit: 0.9940

Resistance levels: 0.9940, 0.9970, and 1.0015

Support levels: 0.9855, 0.9835, and 0.9800

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

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