USD/CHF: technical analysis 13.02.2019

USD/CHF: technical analysis 13.02.2019

Current trend

On 4-hour chart, USD/CHF is correcting down from the 1.0090 level in direction of 1.0035 mark, which corresponds to the middle line of Bollinger Bands.
There is a chance of an upward rebound, while its breakdown would allow the fall to continue to the area 1.0009 (Murray [4/8]). One may speak about upward movement continuation after the price consolidates above the resistance level of 1.0070 (Murray [6/8]). The break of 1.0070 can accelerate the pair towards 1.0101 (Murray [7/8]), but the 1.0131 (Murray [8/8]) area and three-month old resistance-line could restrict further rise.
Technical indicators mostly keep a buy signal, but the downward correction is possible in the short term. Bollinger Bands are directed up. Stochastics lines are pointed downwards.
MACD volumes are decreasing in positive zone.

Support and resistance

Support levels: 1.0040, 1.0009, 0.9979.

Resistance levels: 1.0070, 1.0101, 1.0131.

Trading recommendations

Short positions can be opened below the level of 1.0035 with the target at around 1.0009-0.9979 and stop-loss 1.0050.

Long positions can be opened above the level of 1.0070 with the target at around 1.0101-1.0131 and stop-loss 1.0050.