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    Technical analysis of USD/CHF for May 06, 2016 2016-05-06

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    Overview:

    • The USD/CHF pair faced resistance at the level of 0.9700, while minor resistance is seen at 0.9666. Support is found at the levels of 0.9619 and 0.9574. Also, it should be noted that a daily pivot point has already set at the level of 0.9651. Equally important is that the USD/CHF pair is still moving around the key level at 0.9651, which represents a daily pivot in the H1 time frame at the moment. Yesterday, the USD/CHF pair continued moving upwards from the level of 0.9619. The pair rose from the level of 0.9619 (this level of 0.9800 coincides with the double bottom today) to the top around 0.96695. In consequence, the USD/CHF pair broke resistance, which turned into strong support at the level of 0.9619. The level of 0.9619 is expected to act as major support today. From this point, we expect the USD/CHF pair to continue moving in the bullish trend from the support level of 0.9619 towards the target level of 0.9700. If the pair succeeds in passing through the level of 0.9700, the market will indicate the bullish opportunity above the level of 0.9700 in order to reach the second target at 0.9795. However, if a breakout happens at the support level of 0.9619- 0.9600, then this scenario may be invalidated. Today, you should notice that there are some major economic events for the US dollar such as the NFP release, so your stop loss should always be taken into account.

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