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USD/CHF: technical analysis 14.10.2019

Current trend

USD/CHF quotes attempted to fall, but reaching 0.99552 (middle line of Bollinger Bands) mark moved to a upward correction. If the "bulls" manage to raise the rate above the level of 0.99640, the correction can continue to the area of 0.99792-0.99945. The area of 0.99945 level seem a key level for the buyers in short term period. There is a chance of an downwards rebound, while its breakout will trigger pair’s fresh run-up to 1.00098 resistance line.
Alternative scenario.
The downward trend will be restored after the price is set below the level of 0.99487. In this case, the next targets of sellers will be the level of 0.99335-0.99182.
The technical picture is mixed. Bollinger Bands and Stochastic are pointed sideways. MACD volumes are decreasing in the positive zone.

Support and resistance

Support levels: 0.99487, 0.99335, 0.99182.
Resistance levels: 0.99640, 0.99792, 0.99945.

Trading recommendations

Short positions can be opened below the level of 0.99487 with the target at around 0.99335-0.99182 and stop-loss at 0.99588.
Long positions can be opened above the level of 0.99640 with the target at around 0.99792-0.99945 and stop-loss at 0.99538.

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