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    Technical analysis of USD/CHF for February 24, 2016 2016-02-24

    USDCHFH4.png

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    Overview:

    • The USD/CHF pair will continue to rise from the level of 0.9887. The support is found at the level of 0.9887, which represents the 61.8% Fibonacci retracement level in the H4 time frame. The price is likely to form a double bottom. Today, the major support is seen at 0.9887, while immediate resistance is seen at 0.9990. Accordingly, the USD/CHF pair is showing signs of strength following a breakout of a high at 0.9887. So, buy above the level of 0.9887 with the first target at 0.9990 in order to test the daily resistance 1 and move further to 1.0027. Also, the level of 1.0027 is a good place to take profit because it will form a double top. Amid the previous events, the pair is still in an uptrend; for that we expect the USD/CHF pair to climbe from 0.9887 to 1.0027 today. At the same time, in case a reversal takes place and the USD/CHF pair breaks through the support level of 0.9887, a further decline to 0.9800 can occur, which would indicate a bearish market.

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