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    Technical analysis of USD/CHF for June 17, 2016

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    Overview:

    • The USD/CHF pair set above strong support at the level of 0.9557, which coincides with daily support 1. This support has been rejected for confirming uptrend veracity. Thus, major support is seen at the level of 0.9557 because the trend is still showing strength above it. Accordingly, the pair is still in the uptrend from the area of 0.9557 and 0.9571. The USD/CHF pair is trading in a bullish trend from the last support line of 0.9557 towards minor resistance level at 0.9666 in order to test the daily pivot point. This is confirmed by the RSI indicator signaling that we are still in the bullish trending market. Now, the pair is likely to begin an ascending movement to the point of 0.9666 and further to the level of 0.9755. The level of 0.9755 will act as the first resistance and the double top is already set at the point of 0.9775. At the same time, if a breakout happens at the support levels of 0.9557 and 0.957, then this scenario may be invalidated. But in overall, we still prefer the bullish scenario as long as the trend is still above the spot of 0.9557 and 0.957.

    Intraday technical levels:

    • R3: 0.9953
    • R2: 0.9864
    • R1: 0.9755
    • PP: 0.9666
    • S1: 0.9557
    • S2: 0.9468
    • S3: 0.9359

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