USD/CHF: technical analysis 13.01.20

Current trend

The price has tested the resistance level of 0.97358 and was slightly corrected downwards, but the upward potential maintains. The breakout of 0.97351 resistance and pair’s sustained trading above it will give a prospect of growth to the area of 0.97572-0.97656.

Alternative scenario

The downward rebound from 0.97351 and pullback below 0.97242 will be a signal for downward trend resumption and let the price fall to the area of 0.97046 support. Should prices continue slipping under 0.97046, the mark of 0.96913 might try activating an upward rebound. Meanwhile, the further close below 0.96913 may push USD/CHF lower towards 0.96741.

Technical indicators

The technical picture is mixed.

Bollinger Bands are pointed upwards.

MACD volumes are decreasing in the positive zone, forming a weak sell signal.

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

Support and resistance

Support levels: 0.97242, 0.97046, 0.96913, 0.96741.
Resistance levels: 0.97351, 0.97572, 0.67656.

Trading recommendations

Short positions can be opened below the level of 0.97242 with the target at around 0.97046-0.96913 and stop-loss at 0.97351.

Long positions can be opened above the level of 0.97351 with the target at around 0.97572-0.97656 and stop-loss at 0.97249.

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