USD/CHF: technical analysis 15.03.2019

USD/CHF: technical analysis 15.03.2019

Current trend

On 4-hour chart, USD/CHF shows a negative dynamic and can fall further to the strong support level of 1.0009 (Murray [0/8]). A significant decrease is possible after the breakout of the level 1.0009, which can develop to the levels of 0.9979 (Murray [-1/8]), 0.9948 (Murray [-2/8]). If the “bulls” manage to raise the rate above the level of 1.0040 (Murray [1/8]), the correction can continue to the area of 1.0070 (Murray [2/8]) – 1.0083,which coincide with the middle line of Bollinger Bands.
Technical indicators maintain a sell signal. Bollinger Bands are pointed downwards. MACD histogram is in the negative zone, keeping a signal for the opening of sell positions. Stochastic is pointed downwards.

Support and resistance

Support levels: 1.0009, 0.9979, 0.9948, 0.9918.
Resistance levels: 1.0040, 1.0070, 1.0101, 1.0131.

Trading recommendations

Short positions can be opened below the level of 1.0009 with the target at around 0.9979-0.9948 and stop-loss 1.0300.
Long positions can be opened above the level of 1.0040 with the target at around 1.0070-1.0101 and stop-loss 1.0020.