USD/CHF: technical analysis 19.08.2019

USD/CHF: technical analysis 19.08.2019

Current trend

On 4-hour chart, the instrument shows a moderate positive dynamic. If the current trend maintains the next targets of buyers will be the area of resistance levels of 0.98120-0.98267 (Murray [6/8]). Pullback and pair’s sustained trading below the level of 0.97802 will let the price fall to the level of 0.97656 (Murray [4/8]). The area of 0.97656 level is coincided with the middle line of Bollinger Bands and seem a key zone for the short term sellers. There is a chance of an upward rebound, while its breakdown would allow the fall to continue to the level of 0.97436-0.97351 (Murray [3/8]). Technical indicators mostly keep a buy signal. Bollinger Bands are diverging on the background of bullish momentum. The volumes of MACD histogram are growing in the positive zone. Stochastic is pointed upwards.

Support and resistance

Support levels: 0.97802, 0.97656, 0.97436.
Resistance levels: 0.97961, 0.98120, 0.98267, 0.98440.

Trading recommendations

Long positions can be opened above the level of 0.97961 with the target at around 0.98120 and stop-loss 0.97908.
Short positions can be opened below the level of 0.97802 with the target at around 0.97656 and stop-loss 0.97850.