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USD/CHF: technical analysis 08.01.20

Current trend

USD/CHF quotes attempted to grow, but reaching 0.96645 mark moved to an upward correction. At the moment the price has met the resistance at the level of 0.97046 ( middle line of Bollinger Bands). There is a chance of a downward rebound, while its breakout would be a signal for upward trend formation and let the price grow to 0.97286-0.97351 resistance.

Alternative scenario

The downward rebound from the middle line of Bollinger Bands and pullback below 0.96864 could lead the price back to 0.96741-0.96645 support. The downward trend will be restored after the price is set below the level of 0.96645. In this case, the sellers will aim for the 0.96436 level.

Technical indicators

Technical indicators maintain a sell signal, but the upward correction is possible in the short term.

Bollinger Bands and Stochastic are pointed sideways.

MACD is growing in the negative zone.

Support and resistance

Support levels: 0.96864, 0.96741, ,0.96645, 0.96436.
Resistance levels: 0.97046, 0.97286, 0.97351.

Trading recommendations

Short positions can be opened below the level of 0.96864 with the target at around 0.96741-0.96645 and stop-loss at 0.96937.
Long positions can be opened above the level of 0.97046 with the target at around 0.97351 and stop-loss at 0.96944.

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