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    USD/CHF: The pair will continue to rise in case of breakout of resistance level of 0.9765. Technical analysis of 16/05/2016

    Review and dynamics
    On the daily chart the pair USD/CHF has closely approached resistance level of 0.9765 (ЕМА200). The upper limit of the descending channel is very close to the level of 0.9765. Slightly higher, at the level of Resistance level of 0.9780 resistance level of ЕМА144 is located. The price has consolidated above the level 0.9705 (Fibonacci 23.6% to the last wave of decline since December 2015 from the level of 1.0300).

    The USD continues to rise in the financial market.

    Our opinion
    On 4-hour chart the indicators OsMA Aand Stochastic give buy signals; on the daily and weekly charts the indicators are reversing towards the short positions.

    In case of breakout of the resistance levels of 0.9765 and 0.9780 the price may go up with the target of 0.9820. In case of breakout of the level of 0.9820 (Fibonacci 38.2%), the price can go to 0.9910, 0.9950 and 1.0000.

    As an alternative scenario the price can break out support level of 0.9705 and go back to the downward channel on the daily chart. The pair may continue to decline with the targets of 0.9660, 0.9620, 0.9520 and 0.9445.

    Remember that SNB can carry out intervention to the currency market in case of high rise in franc.

    Support levels: 0.9705, 0.9660, 0.9620, 0.9565, 0.9520, 0.9445 and 0.9400.
    Resistance levels: 0.9765, 0.9780 and 0.9820.

    Trading tips
    Buy on the market. Stop-Loss 0.9710. Targets: 0.9780, 0.9820
    Sell Stop 0.9690. Stop-Loss 0.9720. Targets: 0.9660, 0.9620, 0.9520, 0.9445, 0.9400

    In the ascending channel

    In the ascending channel

    Breakout of the level of 0.9765 is required

    Breakout of the level of 0.9765 is required

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