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USD/CHF: TECHNICAL ANALYSIS 04.11.2019

Current trend

The USD/CHF pair begins today’s trading with slight bullish bias due to correction.
The first target of the correction is the level of 0.98877, which corresponds to the middle line of Bollinger Bands. The area of 0.98877-0.98941 can prevent the instrument from growing, as the possibility of the reverse of the price is high there. Meanwhile, a decisive break of 0.98941 will indicate the upward trend resumption. In this case, the next targets of buyers will be the level of 0.99030-0.99182.
Alternative scenario.
If USD/CHF cannot consolidate above the level of 0.98724, the downward movement restoration and retest of the level 0.98572-0.98502 are possible. The breakdown of the level 0.98502 will let USD/CHF to decline to the level of 0.98419-0.98267.
Technical indicators mostly reflect the maintenance of the upward correction potential. Bollinger Bands are converging on the background of bullish momentum.MACD volumes are decreasing in the negative zone. Stochastic’s lines are pointed upwards.

Support and resistance

Support levels: 0.98577, 0.98419, 0.98267.
Resistance levels: 0.98877, 0.99030, 0.99182.

Trading recommendations

Long positions can be opened above the level of 0.98877 with the target at around 0.99030-0.99182 and stop-loss at 0.98775.
Short positions can be opened below the level of 0.98502 with the target at around 0.98267 and stop-loss at 0.98580.

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