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Technical analysis of USD/CHF for March 01, 2016 2016-03-01

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Overview:

  • The USD/CHF pair broke the resistance that turned into strong support at the level of 0.9966 yesterday. The level of 0.9966 coincides with a golden ratio (61.8% of Fibonacci), which is expected to act as a major support on the H1 chart today. Consequently, the first support is set at the level of 0.9966. Moreover, the RSI starts signaling an upward trend, and the trend is still showing strength above the moving average (100). Hence, the market is indicating a bullish opportunity above the area of 0.9966. So, the market is likely to show signs of a bullish trend around 0.9966 - 0.9970. In other words, buy orders are recommended above the ratio of 61.8% Fibonacci (0.9966) with the first target at the level of 1.0037 in order to test a double top in the same time frame. If the pair succeeds to pass through the level of 1.0037, the market will probably continue towards the next objective at 1.0080. The daily strong support is seen at 0.9960 - 0.9966. Thus, if a breakout happens at the support level of 0.9960/0.9966, then this scenario may be invalidated.


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