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20.01.201710:47 Forex Analysis & Reviews: Technical analysis of USD/CHF for January 20, 2017

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Overview:

The USD/CHF pair fell from the level of 1.0148 towards 1.0027. Now, the price is set at 1.0068. On the H4 chart, the resistance of USD/CHF pair is seen at the level of 1.0088 and 1.0148. It should be noted that volatility is very high so that the USD/CHF pair is still moving between 1.0088 and 0.9952 in coming hours. Moreover, the price spot of 1.0088 and 1.0148 remains a significant resistance zone. Therefore, there is a possibility that the USD/CHF pair will move downside and the structure of a fall does not look corrective. In order to indicate the bearish opportunity below 1.0088 and 1.0148, sell below 1.0088 with the first target at 0.9995. Additionally, if the USD/CHF pair is able to break out the bottom at 0.9995, the market will decline further to 0.9952 in order to test the weekly support 2. Also, it should be noedt that the third support is seen at 0.9891. However, it would also be sage to consider where to place a stop loss; this should be set above the second resistance of 1.0148.

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