USD/CHF: technical analysis 03.12.2019

Current trend

USD/CHF price is restoring after the fall to the level of 0.99080. The instrument has the potential to further grow to the resistance level of 0.99335. This level can activate a downward rebound, while its breakout would accelerate the pair towards 0.99487 resistance. This level will be a key zone for the buyers. The decisive break of 0.99487 will indicate the upward trend resumption and give a prospect of growth to the area of 0.99640-0.99792 levels.

Alternative scenario

The pullback and pair’s sustained trading below 0.99182 will let the price to decline to 0.99030 support. The downward trend will be restored after the price is set below it. In this case, the next targets of sellers will be the level of 0.98877.

Technical indicators mostly keep a sell signal, but the upward correction is possible in the short term.
Bollinger Bands are diverging on the background of bearish momentum.
The volumes of MACD histograms are actively growing in the negative zone.
Stochastic is in the oversold zone and is pointed upwards, reflecting the high possibility of upward movement formation.

Support and resistance

Support levels: 0.99182, 0.99030, 0.98877, 0.98724.
Resistance levels: 0.99335, 0.99487, 0.99640, 0.99792.

Trading recommendations

Short positions can be opened below the level of 0.99182 with the target at around 0.99030-0.98877 and stop-loss at 0.99282.
Long positions can be opened above the level of 0.99335 with the target at around 0.99487-0.99640 and stop-loss at 0.99233.

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