USD/CHF: technical analysis 08.02.2019

USD/CHF: technical analysis 08.02.2019

Current trend

USDCHF bounced off the 1.0000 support level but is yet to cross the 1.0025 resistance
that impedes growth to 1.0040 resistance level. Technical indicators reflect the relative calmness of the markets and sideways movement of the price. Bollinger Bands and Stochastic are pointed sideways. MACD volumes are slightly decreasing in the positive zone.
The upward trend will be restored after the price is set above the level of 1.0040.
In this case, the price may aim for the 1.0086 resistance-zone.

Breaking 1.0000 level and holding below it will push the price back to 0.9994-0.9964 support-zone.

Support and resistance

Support levels: 1.0009, 0.9994, 0.9964, 0.9948.

Resistance levels: 1.0025, 1.0040, 1.0060, 1.0086.

Trading recommendations

Long positions can be opened above the level of 1.0025 with the target at around 1.0040-1.0086 and stop-loss 1.0005.

Short positions can be opened below the level of 1.0009 with the target at around 0.9964-0.9948 and stop-loss 1.0030.