USD/CHF: technical analysis 09.08.2019

USD/CHF: technical analysis 09.08.2019

Current trend

USD/CHF continues to consolidate in the narrow side channel. The downward trend will be restored after the price is set below the level of 0.97298. In this case, the next targets of sellers will be the level of 0.97046 (Murray [-1/8]). Should prices continue slipping under 0.97046 mark, the level of 0.96916 might try activating a upward rebound. Alternatively, breakout of the level 0.97508 (the middle line of Bollinger Bands) can accelerate the pair towards 0.97656 (Murray [0/8]) mark. In case the pair manage to cross the 0.97656 hurdle, the buyers will aim for the 0.97863 resistance area. Now the technical indicators reflect the low trading activity and moderate developing of the current sideway trend. Bollinger Bands are pointed sideways. MACD volumes are in the negative zone and are moving along the zero line. Stochastic is in the oversold zone and is pointed sideways.

Support and resistance

Support levels: 0.97298, 0.97115, 0.97046, 0.96916.
Resistance levels: 0.97508, 0.97656, 0.97863.

Trading recommendations

Long positions can be opened above the level of 0.97508 with the target at around 0.97656-0.97863 and stop-loss 0.97389.
Short positions can be opened below the level of 0.97298 with the target at around 0.97046 and stop-loss 0.97382.