27.12.201911:01 Forex Analysis & Reviews: Technical analysis of USD/CHF for December 27, 2019

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Overview:

The USD/CHF pair fell from the level of 0.9830 to bottom at 0.9780 yesterday. Today, the USD/CHF pair has faced strong support at the level of 0.9770.

The strong support has been already facing at the level of 0.9770, the pair is likely to try to approach it in order to test it again and form a double bottom.

The USD/CHF pair is continuing to trade in a bullish trend from the new support level of 0.9770 so as to form a bullish channel.

According to the previous events, we expect the pair to move between 0.9770 and 0.9835.

Also, it should be noted major resistance is seen at 0.9875, while immediate resistance is found at 0.9835. Then, we may anticipate potential testing of 0.9810 to take place soon at the daily pivot point.

Moreover, if the pair succeeds in passing through the level of 1.9810, the market will indicate a bullish opportunity above the level of 1.9810. A breakout of that target will move the pair further upwards to the levels of 0.9835 and 0.9875.

Buy orders are recommended above the area of 0.97700 with the first target at the level of 1.9810; and continue towards 0.9835 and 0.9875.

On the other hand, if the USD/CHF pair fails to break out through the resistance level of 1.9810; the market will decline further to the level of 0.9734 (daily support 2).

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