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    Technical analysis of USD/CHF for May 11, 2016 2016-05-11

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    Overview:

    • As expected the USD/CHF pair continues to move upwards from the level of 0.9694. Yesterday, the pair rose from the level of 0.9694 to the top around 0.9766. Today, the first resistance level is seen at 0.9821 followed by 0.9917, while daily support 1 is seen at 0.9694. According to the previous events, the USD/CHF pair is still moving between the levels of 0.9694 and 0.9821 as the price is still above the moving average (100). Moreover, this would suggest a bullish market because the RSI indicator is still in a positive area and does not show any trend-reversal signs. Consequently, the first support is set at the levels of 0.9694 - 0.9725. So, the market is likely to show signs of a bullish trend around the spot of 0.9694 - 0.9725. In other words, buy orders are recommended above the levels of 0.9694 - 0.9725 with the first target at the level of 0.9821. If the pair succeeds to pass through the level of 0.9821, the market will continue towards the next objective around the zone of 0.9917. However, if a breakout happens at the support level of 0.9694, then this scenario may be invalidated.

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