USD/CHF: technical analysis 19.07.2019

USD/CHF: technical analysis 19.07.2019

Current trend

The USD/CHF pair begins today’s trading with slight bullish bias due to upward correction. The main target of the correction is the level of 0.98572, which almost corresponds to the middle line of Bollinger Bands. Meanwhile, the level of 0.98419 might offer intermediate halt during the raise to correction target. There is a high chance of an downward rebound from the level of 0.98572, while its breakout would allow the raise to continue to the area of 0.98724 (Murray [3/8]). One may speak about downward movement continuation after the price consolidates below the support level of 0.98114 (Murray [-1/8]). In this case, the next targets of sellers will be the level of 0.97961 (Murray [-2/8]). The technical picture is mixed. Bollinger Bands are pointed sideways. MACD volumes are decreasing in the negative zone. Stochastic has left the oversold area and is pointed upwards, reflecting the high possibility of the upward movement formation.

Support and resistance

Support levels: 0.98267, 0.98114, 0.97961.
Resistance levels: 0.98419, 0.98572, 0.98724.

Trading recommendations

Long positions can be opened above the level of 0.98419 with the target at around 0.98572 and stop-loss 0.98370.
Short positions can be opened below the level of 0.98114 with the target at around 0.97961 and stop-loss 0.98160.