USD/CHF: technical analysis 11.12.19

Current trend

USD/CHF is in the stage of upward correction after falling to the level of 0.98330. If the "bulls" manage to raise the rate above the level of 0.98572, the correction can continue to the area of 0.98777-0.98877 levels (the middle line of Bollinger bands). There is a chance of a downward rebound, while its breakout would allow the growth to continue to 0.99182 resistance.

Alternative scenario

The rebound from 0.98572 and pullback below 0.98400 could lead the price back to 0.98330 support. The downward trend will be restored after the price is set below the level of 0.98300. In this case, the next targets of sellers will be the level of 0.97961.

Technical indicators

The technical picture is mixed.

Bollinger Bands are diverging on the background of bearish momentum.

MACD is growing in the negative zone.

Stochastic has left the oversold area and is pointed upwards, reflecting the high possibility of upward movement formation.

Support and resistance

Support levels: 0.98330, 0.97961, 0.97656.
Resistance levels: 0.98572, 0.98877, 0.99182.

Trading recommendations

Short positions can be opened below the level of 0.98300 with the target at around 0.97961 and stop-loss at 0.98413.
Long positions can be opened above the level of 0.98572 with the target at around 0.98877 and stop-loss at 0.98470.

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