23.03.201713:10 Forex Analysis & Reviews: Technical analysis of USD/CHF for March 23, 2017

Long-term review

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Overview:

The USD/CHF pair faced resistance at the level of 0.9991, while minor resistance is seen at 0.9949. Support is found at the levels of 0.9915 and 0.9891. Also, it should be noted that a daily pivot point has already seen at the level of 0.9949. Equally important, the USD/CHF pair is still moving around the key level at 0.9949, which represents a daily pivot on the H1 chart at the moment. Yesterday, the USD/CHF pair continued to move downwards from the level of 0.9991. The pair fell from the level of 0.9991 to the bottom around 0.9881. Currently, the price is seen at 0.9925. In consequence, the USD/CHF pair couldn't break resistance (0.9949). So, the level of 0.9949 is expected to act as minor resistance today. From this point, we expect the USD/CHF pair to continue moving in the bearish trend from the resistance level of 0.9949 towards the target level of 0.9881. If the pair succeeds in passing through the level of 0.9881, the market will indicate the bearish opportunity below the level of 0.9881 in order to reach the second target at 0.9850.

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