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    Technical analysis of USD/CHF for March 23, 2016 2016-03-23

    USDCHFH1.png

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    Overview:

    • The USD/CHF pair has faced strong support at the level of 0.9649 because resistance turned into support. So, the strong resistance has been already faced at the level of 0.9750, and the pair is likely to try to approach it in order to test it again. The level of 0.9750 represents a pivot point, for that it is acting as resistance today. Furthermore, the USD/CHF pair is continuing to trade in a bullish trend from the last support level of 0.9649. Currently, the price is in a bullish channel. According to the previous events, we expect the USD/CHF pair to move between 0.9649 and 0.9750. Also, it should be noticed that the double top is set at 0.9760. Additionally, the RSI is still signaling that the trend is upward as it remains strong above the moving average (100). This suggests the pair will probably go up in coming hours. Accordingly, the market is likely to show signs of a bullish trend. In other words, buy orders are recommended above 0.9649 with the first target at the level of 0.9760. If the trend is able to break the double top at the level of 0.9760, the market will continue rising towards the weekly resistance 1 at 0.9852.

    Intraday key levels:

    • R3: 1.0114
    • R2: 1.0013
    • R1: 0.9852
    • PP: 0.9751
    • S1: 0.9590
    • S2: 0.9489
    • S3: 0.9328
  • R2: 1.0013
  • R1: 0.9852
  • PP: 0.9751
  • S1: 0.9590
  • S2: 0.9489
  • S3: 0.9328

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