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08.12.201611:27 Forex Analysis & Reviews: Technical analysis of USD/CHF for December 08, 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.
Exchange Rates 08.12.2016 analysis

Overview:

  • The USD/CHF pair faces resistance at 1.0124, while strong resistance is seen at 1.0160. Support is found at 1.0017 and 0.9973 levels. Today, the USD/CHF pair continues to move downwards from 1.0124 level. The pair could fall from 0.7342 level to the first support around 1.0062. Therefore, if the USD/CHF pair breaks support at 1.0062, this level will turn into resistance today. In the H4 time frame, the 1.0062 level is expected to act as minor resistance. Hence, we expect the USD/CHF pair to continue moving in the bearish trend from 1.0062 level towards the target at 1.0017. In the long term, if the pair succeeds in passing through 1.0017 level, the market will indicate the bearish opportunity below 1.0017 level in order to reach the second target at 0.9973. However, the 0.9973 area remains a significant support zone. Thus, the trend will probably rebound again from 0.9973 level as long as this level is not breached. Overall, we still prefer the bearish scenario below the area of 1.0124. According to the previous events, the USD/CHD pair is still moving between the levels of 1.0062 and 0.9973; for that we expect a range of 89 pips (1.0062 - 0.9973).
Mourad El Keddani
Analytical expert of InstaForex
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