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28.09.201813:24 Forex Analysis & Reviews: Technical analysis of USD/CHF for September 28, 2018

Long-term review

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Overview

The USD/CHF pair will continue to rise from the level of 0.9714. The support is found at the level of 0.9714, which represents the 38.2% Fibonacci retracement level in the H4 time frame.

The price is likely to form a double bottom. Today, the major support is seen at 0.9714, while immediate resistance is seen at 0.9813. Accordingly, the USD/CHF pair is showing signs of strength following a breakout of a high at 0.9769. So, buy above the level of 0.9769 with the first target at 0.9813 in order to test the daily resistance 1 and move further to 0.9860.

Also, the level of 0.9860 is a good place to take profit because it will form a double top. Amid the previous events, the pair is still in an uptrend; for that we expect the USD/CHF pair to climb from 0.9769 to 0.9860 today. At the same time, in case a reversal takes place and the USD/CHF pair breaks through the support level of 09714, a further decline to 0.9553 can occur, which would indicate a bearish market.

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