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17.10.201707:44 Forex Analysis & Reviews: Technical analysis of USD/CHF for October 17, 2017

Long-term review
This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.
Exchange Rates 17.10.2017 analysis

Overview:

  • The USD/CHF pair is showing signs of strength following a breakout of the highest level of 0.9734. On the H1 chart. the level of 0.9734 coincides with 23.6% of Fibonacci, which is expected to act as minor support today. Since the trend is above the 23.6% Fibonacci level, the market is still in an uptrend. But, major support is seen at the level of 0.9734. Furthermore, the trend is still showing strength above the moving average (100). Thus, the market is indicating a bullish opportunity above the above-mentioned support levels, for that the bullish outlook remains the same as long as the 100 EMA is headed to the upside. Therefore, strong support will be found at the level of 0.9734 providing a clear signal to buy with a target seen at 0.9808. If the trend breaks the minor resistance at 0.9808, the pair will move upwards continuing the bullish trend development to the level 0.9836 in order to test the double top.
Mourad El Keddani
Analytical expert of InstaForex
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