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    Technical analysis of USD/CHF for May 13, 2016 2016-05-13

    USDCHFH1.png

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    Overview:

    • The USD/CHF pair will continue rising from the level of 0.9694 in the long term. It should be noted that support is established at the level of 0.9633, which represents the 61.8% Fibonacci retracement level on the H1 chart. The price is likely to form a double bottom in the same time frame. Accordingly, the USD/CHF pair is showing signs of strength following a breakout of the highest level of 0.9694. So, buy above the level of 0.9694 with the first target at 0.9821 in order to test the daily resistance 1 and go further to 0.9917. Also, it might be noted that the level of 0.9917 is a good place to take profit. On the other hand, in case a reversal takes place and the USD/CHF pair breaks through the support level of 0.9633, a further decline to 0.9537 can occur. This would indicate a bearish market.

    Intraday technical levels:

    • Major resistance:0.9917
    • Minor resistance:0.9821
    • Intraday pivot point: 0.9633
    • Minor support:0.9537
    • Major support:0.9444
  • Minor resistance:0.9821
  • Intraday pivot point: 0.9633
  • Minor support:0.9537
  • Major support:0.9444

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