USD/CHF: technical analysis 16.12.19
The USD/CHF pair begins today’s trading with slight bullish bias, but the general downward trend is still maintained. Failure to conquer the 0.98840 resistance mark seems fetching the USD/CHF to 0.98267 support. The area 0.98267-0.98168 will be a key zone for the sellers in a short term period.
However, the decisive breakdown of 0.98168 is needed to indicate the downward trend resumption. In this case, the next targets of sellers will be the level of 0.97961-0.97800.
If the "bulls" manage to raise the rate above the level of 0.98407, the correction can continue to the area of 0.98572. The breakdown and pair’s sustained trading above 0.98560 will be a signal for upward trend resumption and give a prospect of growth to 0.98877 resistance.
Technical indicators reflect the moderate maintenance of the current downward trend.
MACD is in the negative zone.
Stochastic is pointed downwards.
Bollinger Bands are pointed sideways.
Support and resistance
Support levels: 0.98267, 0. 98168, 0.97961, 0.97800.
Resistance levels: 0.98440, 0.98572, 0.98877.
Short positions can be opened below the level of 0.98267 with the target at around 0.98168-0.97961 and stop-loss at 0.98369.
Long positions can be opened above the level of 0.98572 with the target at around 0.98877 and stop-loss at 0.98470.