17.12.201507:50 Forex Analysis & Reviews: Technical analysis of USD/CHF for December 17, 2015

Overview:

• The USD/CHF pair is calling for the bullish market from the levels of 0.9785, 0.9845, and 0.9908 since last week. Today, the level of 0.9908 represents support 1. Moreover, it should be noticed that the USD/CHF pair is still moving between the first support and first resistance, which set at the 0.9908 and 1.0046 respectively. As it is known, the chronicle will probably repeat itself at these levels again. Therefore, as an upward trend is still strong in the H1 chart, it will be good to buy above the level of 0.9908 with the first target of 0.9984 (minor resistance on the same chart). It will call for an uptrend in order to continue its bullish movement towards 1.0045 in coming hours. Also, we should bear in mind that the strong resistance (1.0046) is coinciding with the ratio of 50% Fibonacci retracement levels. However, a stop loss should never exceed your maximum exposure amounts. Consequently, the stop loss should be placed below the support of 0.9908 at the level of 0.9865.

Observations:

• We expect a new range about 150 pips in coming days.
• The key level will set at the level of 1.0046.
• The support of the USD/CHF pair has already set at 0.9908.