USD/CHF: technical analysis 10.09.2019
On 4-hour chart, the instrument shows a positive dynamic. At the moment the price has met the resistance at the level of 0.99312. If the price is set below the level of 0.99182 (Murray [5/8]), the downward correction can continue to the level of 0.98877 (Murray [4/8]), which coincided with the middle line of Bollinger Bands. There is a chance of an upward rebound, while its breakdown would allow the fall to continue to the area of 0.98572 (Murray [3/8]). One may speak about upward movement continuation after the price consolidates above the resistance level of 0.99312. In this case, the buyers will aim for the level of 0.99487 (Murray [6/8])-0.99619. The technical picture is mixed. Bollinger Bands are pointed upwards. MACD volumes are slowly decreasing in the positive zone. Stochastic is in the overbought area and is pointed downwards, reflecting the high possibility of the downward movement formation.
Support and resistance
Support levels: 0.99182, 0.98877, 0.98572.
Resistance levels: 0.99312, 0.99487, 0.99619.
Long positions can be opened above the level of 0.99312 with the target at around 0.99487-0.99619 and stop-loss 0.99209.
Short positions can be opened below the level of 0.99182 with the target at around 0.98877 and stop-loss 0.99283.