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16.02.201812:07 Forex Analysis & Reviews: Technical analysis of USD/CHF for February 16, 2018

Long-term review

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Overiew:

The USD/CHF pair dropped sharply from the level of 0.9254 towards 0.9187. Now, the price is set at 0.9200. On the H4 chart, the resistance is seen at the levels of 0.9254 and 0.9295. Volatility is very high for that the USD/CHF pair is still expected to be moving between 0.9200 and 0.9154 in coming hours. In the short term, we expect the USD/CHF pair will continue to trade in a bearish trend from the new resistance level of 0.9200 to form a bearish channel. Also, it should be noted that major resistance is seen at 0.9254, while immediate resistance is found at 0.9200. According to the previous events, the pair is likely to move from 0.9200 towards 0.9154 and 0.9107 as targets. However, if the pair succeeds to pass through the level of 0.9254, the market will indicate a bullish opportunity above the level of 0.9254. So, the market will rise further to 0.9290 in order to return to third resistance. Moreover, a breakout of that target will move the pair further upwards to 0.9361.

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