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09.02.201810:41 Forex Analysis & Reviews: Technical analysis of USD/CHF for February 09, 2018

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 09.02.2018 analysis

Overview:

  • The USD/CHF pair continued to move upwards from the level of 0.9344/0.9399. The pair rose from the level of 0.9399, but it rebounded from the price of 0.9399 to the top around 0.9460. In consequence, the USD/CHF pair broke resistance at 0.9444, which turned into strong support at the level of 0.9444. In the H1 time frame, the level of 0.9444 is expected to act as major support today. Currently, the price is moving in a bullish channel.
Exchange Rates 09.02.2018 analysis
  • This is confirmed by the RSI indicator signaling that we are still in a bullish market. The price is still above the moving average (100). From this point, we expect the USD/CHF pair to continue moving in the bullish trend from the new support level of 0.9444 towards the target level of 0.9489. If the pair succeeds in passing through the level of 0.9489, the market will indicate the bullish opportunity above the level of 0.9489 so as to reach the second target at 0.9552. At the same time, if the USD/CHF pair is able to break out the level of 0.9399, the market will decline further to 0.9300.
Mourad El Keddani
Analytical expert of InstaForex
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