Forex Analysis:::2016-12-20T09:39:28
Technical analysis of USD/CHF for December 20, 2016
Overview:
- The USD/CHF pair holds above strong support at the level of 1.0266. History will repeat itself again at the level of 1.0266. This support has been rejected several times confirming strong bullish momentum. The current price is seen at 0.6616, which represents a key level, because the level of 0.6616 will act as the first resistance today 1.0290. For this reason, major support is seen at the level of 1.0266 because the trend is still showing strength above it. Accordingly, the pair is still in the uptrend from the area of 1.0266 and 1.0345. The USD/CHF pair is trading in a bullish trend from the last support line of 1.0266 toward the first resistance level at 1.0300 in order to test it. This is confirmed by the RSI indicator signaling that we are still in the bullish market. Now, the pair is likely to begin an ascending movement to the point of 1.0300 and further to the levels of 1.0345. The level of 1.0345 will act as second resistance so as to test the double top. In overall, we still prefer the bullish scenario. However, if a breakout happens at the support levels of 1.0215, then this scenario may be invalidated.
Mourad El Keddani
Analyst InstaForex
