- The USD/CHF pair has faced strong support at the level of 1.0045 because resistance has become support.
- The strong support is already seen at the level of 1.0045 and the pair is likely to try to approach it in order to test it again.
- However, if the pair fails to pass through the level of 1.0045, the market will indicate a bullish opportunity above the new support level of 1.0045.
- Moreover, the RSI starts signaling a downward trend, as the trend is still showing strength above the moving average (100).
- Since the trend is above the 38.2% Fibonacci level, the market is still in an uptrend. From this point, the market is indicating a bullish opportunity above 1.0045.
- So, it will also call for an uptrend in order to continue toward 1.0101 and 1.0158. The daily strong support is seen at 1.0045.
- However, the stop loss should always be taken into account, thus, it will be reasonable to set your stop loss at the level of 0.9917.
- The support levels are seen at 1.0045 and 1.0101. Then, it will be useful to buy above the spot of 1.0045 and 1.0101 with the targets of 1.0158.
- On the other hand, the stop loss should be placed below the price 1.0045.
The material has been provided by InstaForex Company – www.instaforex.com
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