Technical analysis of USD/CHF for October 13, 2017
USD/CHF is expected to trade with a bearish outlook. The technical outlook of the pair turned bearish as the prices broke below the rising trend line. The 20-period moving average crossed below the 50-period one. The relative strength index lacks upward momentum.
To sum up, as long as 0.9765 is not surpassed, look for a new test to 0.9700 and even to 0.9680 in extension.
Chart Explanation: The black line shows the pivot point. The present price above the pivot point indicates a bullish position, and the price below the pivot points indicates a short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Strategy: SELL, Stop Loss: 0.9765, Take Profit: 0.9700
Resistance levels: 0.9790, 0.9810, and 0.9845
Support levels: 0.9700, 0.9680, and 0.9640
The material has been provided by InstaForex Company – www.instaforex.com