USD/CHF: technical analysis 09.09.2019

USD/CHF: technical analysis 09.09.2019

Current trend

The USD/CHF pair begins today’s trading with slight bullish bias. At the moment the pairs is trying to consolidate above the level of 0.98877 (Murray [4/8]). The upward dynamic will be restored after price is set above the 0.98929 mark. In this case, the next targets of buyers will be the level of 0.99030 (Murray [+1/8]). Should prices continue raising above 0.99030 mark, the level of 0.99182 (Murray [+2/8]) might try activating a downward rebound. If the sellers manage to decline the rate below the level of 0.98835, the downward correction can continue to the area of 0.98692-0.98572 (Murray [3/8]). The mark of 0.98572 (the middle line of Bollinger Bands) seem a key level for downward correction. There is a chance of an upward rebound, while its breakdown would allow the fall to continue to the area of 0.98419. Technical indicators mostly reflect the moderate maintenance of the current upward сorrection. Bollinger Bands are diverging on the background of bullish momentum. Stochastic is pointed upwards. The volumes of MACD histogram are growing in the positive zone.

Support and resistance

Support levels: 0.98835, 0.98692, 0.98572.
Resistance levels: 0.98929, 0.99030, 0.99182.

Trading recommendations

Long positions can be opened above the level of 0.98929 with the target at around 0.99030-0.99182 and stop-loss 0.98844.
Short positions can be opened below the level of 0.98835 with the target at around 0.98692-0.98572 and stop-loss 0.98922.