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23.02.201710:17 Forex Analysis & Reviews: Technical analysis of USD/CHF for February 23, 2017

Long-term review

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Overview:

The USD/CHF pair has faced strong support at the level of 1.0045 because resistance has become support.
The strong support is already seen at the level of 1.0045 and the pair is likely to try to approach it in order to test it again.
However, if the pair fails to pass through the level of 1.0045, the market will indicate a bullish opportunity above the new support level of 1.0045.
Moreover, the RSI starts signaling a downward trend, as the trend is still showing strength above the moving average (100).
Since the trend is above the 38.2% Fibonacci level, the market is still in an uptrend. From this point, the market is indicating a bullish opportunity above 1.0045.
So, it will also call for an uptrend in order to continue toward 1.0101 and 1.0158. The daily strong support is seen at 1.0045.
However, the stop loss should always be taken into account, thus, it will be reasonable to set your stop loss at the level of 0.9917.
The support levels are seen at 1.0045 and 1.0101. Then, it will be useful to buy above the spot of 1.0045 and 1.0101 with the targets of 1.0158.
On the other hand, the stop loss should be placed below the price 1.0045.

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