Technical analysis of USD/CHF for September 20, 2017 888011000 110888 Overview: The USD/CHF set is still trading around the area of 0.9580-0.9679. The USD/CHF pair broke resistance which turned to strong support at the level of 0.9580 (significant assistance). The level of 0.9580 accompanies a golden ratio( 61.8 %of Fibonacci), which is anticipated to function as major assistance today. The Relative Strength Index (RSI )is considered overbought due to the fact that it is above 30. The RSI is still signifying that the pattern is up as it is still strong above the moving average( 100 ). This recommends the set will most likely go up in coming hours. Appropriately, the market is likely to reveal indications of a bullish trend. In other words, buy orders are suggested above the spot of 0.9624 with the very first target at the level of 0.9679. From this point, the set is likely to start a rising movement to the point of 0.9679 and even more to the level of 0.9710. The level of 0.9710 will serve as strong resistance and the double top is already set at the point of 0.9710. Nevertheless, if a breakout happens at the support level of 0.9580, then this circumstance might become revoked. Remember to position a stop loss; it needs to be set listed below the 2nd support of 0.9549. The material has been supplied by InstaForex

By | September 20, 2017

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