For Traders

Analytical Reviews

Technical analysis

11.02.201612:19 Forex Analysis & Reviews: Technical analysis of USD/CHF for February 11, 2016

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.

Overview:

As expected The USD/CHF pair continues to move downwards from the zone of 0.9792 and 0.9738. Yesterday, the pair dropped from the level of 0.9792 to 0.9666 which coincides with a ratio of 38.2% Fibonacci on the daily chart. Today, resistance is seen at the levels of 0.9738 and 0.9792. So, we expect the price to set below the strong resistance at the levels of 0.9738 and 0.9792; because the price is in a bearish channel now. The RSI starts signaling a downward trend. Consequently, the market is likely to show signs of a bearish trend. So, it will be good to sell below the level of 0.9738 with the first target at 0.9600 and further to 0.6510 in order to test the daily support. If the USD/CHF pair is able to break out the daily support at 0.6510, the market will decline further to 0.9384 to approach support 2 today. However, the price spot of 0.9792 and 0.9738 remains a significant resistance zone. Thus, the trend is still bearish as long as the level of 0.9792 is not breached.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.