23.02.201812:00 Forex Analysis & Reviews: Technical analysis of USD/CHF for February 23, 2018

Overview:

• The USD/CHF pair could not break support at the 0.9328 level. This level coincides with 50% of Fibonacci retracement which is expected to act as major support today. Equally important, the RSI is still signaling that the trend is upward, while the moving average (100) is headed to the upside. Accordingly, the bullish outlook remains the same as long as the EMA 100 is pointing to the uptrend. This suggests that the pair will probably go above the price of 0.9328 in the coming hours. The USD/CHF pair will demonstrate strength following a breakout of the high at 0.9328. Consequently, the market is likely to show signs of a bullish trend. In other words, buy orders are recommended above 0.9328 with the first target at 0.9409. Then, the pair is likely to begin an ascending movement to 0.9436 marks and further to 0.9469 levels. The level of 0.9469 will act as strong resistance because it forms the double top on the H1 chart. On the other hand, the daily strong support is seen at 0.9328. If the USD/CHF pair is able to break out the level of 0.9328, the market will decline further to 0.9250.