USD/CHF: TECHNICAL ANALYSIS 12.11.2019
USD/CHF is in the stage of upward correction after falling to the level of 0.99280. The first target of the correction is the level of 0.99487, which corresponds to the middle line of Bollinger Bands. There is a high chance of a downward rebound, while its decisive breakout will indicate the upward trend resumption. In this case, the next targets of buyers will be the area of 0.99640, 0.99792.
The rebound from 0.99487 and the price' sustained move below 0.99283 will be a signal for a downward trend continuation. In this case, the next targets of sellers will be the level of 0.99182-0.99030.
The technical picture is mixed. Bollinger Bands are pointed sideways. MACD volumes are decreasing in the positive zone. Stochastic has left the oversold area and is pointed upwards, reflecting the high possibility of upward movement formation.
Support and resistance
Support levels: 0.99335, 0.99182, 0.99030.
Resistance levels: 0.99487, 0.99640, 0.99792.
Short positions can be opened below the level of 0.99283 with the target at around 0.99182-0.99030 and stop-loss at 0.99367.
Long positions can be opened above the level of 0.99500 with the target at around 0.99640-0.99792 and stop-loss at 0.99402.