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USD/CHF: technical analysis 15.11.2019

Current trend

The USD/CHF pair begins today’s trading with slight bullish bias due to upward correction. The price went up above the resistance level of 0.98877 and can grow further to the levels of 0.99030-0.99077. This area will be a key zone for an upward correction. There is a chance of a downward rebound, while its breakout will be a signal for uptrend resumption and give a prospect of growth to the level of 0.99335.

Alternative scenario

The pullback below 0.98800 level could lead the price back to 0.98694 support. The downward trend will be restored after the price is set below it. In this case, the next targets of sellers will be the level of 0.98572, 0.98419.

The technical picture is mixed. Bollinger Bands are pointed downwards. MACD histogram is in the negative zone keeping a signal for the opening of sell positions. Stochastic is pointed upwards, reflecting the high possibility of upward movement formation.

Support and resistance

Support levels: 0.98877, 0.98724, 0.98572, 0.98419.
Resistance levels: 0.99077, 0.99182, 0.99335, 0.99487.

Trading recommendations

Short positions can be opened below the level of 0.98694 with the target at around 0.98419 and stop-loss at 0.98785.
Long positions can be opened above the level of 0.99077 with the target at around 0.99335 and stop-loss at 0.98991.

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