USD/CHF: TECHNICAL ANALYSIS 07.11.2019
USD/CHF yen continues to consolidate in the side narrow channel after significant growth over the past three days. If the sellers manage to decline the rate below the level of 0.99144 support the downward can continue to the area of 0.99030, which coincided with the middle line of Bollinger Bands. There is a chance of an upward rebound, while its breakdown will be a signal for downward trend formation. In this case, the next targets of sellers will be the level of 0.98877-0.98724.
If USD/CHF cannot consolidate below the level of 0.99182 support during the short term period the upward movement restoration and retest of the level 0.99335 are possible.
One may speak about upward movement continuation after the price consolidates above the resistance level of 0.99392. In this case, the buyers aim for the 0.99487-0.99640 resistance-zone.
The technical picture is mixed. Bollinger Bands are converging on the background of the sideway dynamic. MACD volumes are in the positive zone and are moving along the zero lines. Stochastic lines are pointed sideways.
Support and resistance
Support levels: 0.99182, 0.99030, 0.98877.
Resistance levels: 0.99335, 0.99487, 0.99640.
Short positions can be opened below the level of 0.99144 with the target at around 0.99030-0.98877 and stop-loss at 0.99055.
Long positions can be opened above the level of 0.99392 with the target at around 0.99487-0.99640 and stop-loss at 0.99309.