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21.01.201608:32 Forex Analysis & Reviews: Technical analysis of USD/CHF for January 21, 2016

Long-term review

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Technical outlook and chart setups:

The USD/CHF pair is seen to be trading in a cone consolidation as depicted on the hourly chart view here. The pair is seen to have just bounced off through its resistance line around 1.0060 levels and is trading lower at 1.0030 levels at the moment. Please note that the pair can break lower below 0.9990 levels, since it is in the 5th leg of its consolidation range. It is hence recommended to initiate short positions now, with risk at 1.0100 levels. Immediate resistance is seen at 1.0080 levels, while support is seen at 0.9990 levels respectively. Bears should remain in control till prices sty below 1.0080/90 levels going forward.

Trading recommendations:

Initiate short positions now, stop at 1.0100, a target is open.

Good luck!

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