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USD/CHF: technical analysis 20.11.2019

Current trend

The USD/HCF pair begins today’s trading with a slight bearish bias. At the moment the price has met the support at the level of 0.98979, which coincided with the middle line of Bollinger Bands. If the sellers manage to decline the rate below this level, the decline can continue to the area of 0.98877 support. This level seems at a key level for the short term sellers. There is a high chance of an upward rebound, while its breakdown would allow the fall to continue to the area of 0.98724.

Alternative scenario

The rebound from 0.98979 will return the price back to 0.99106-0.99182 resistance area. One may speak about upward movement continuation after the price consolidates above 0.99182. In this case, the buyers will have their sights on the resistance at 0.99335.

Technical indicators reflect the moderate maintenance of the current downward trend.
Bollinger Bands are converging on the background of bearish momentum.
MACD is in the negative zone.
Stochastic is pointed downwards, reflecting the high possibility of the downward movement formation.

Support and resistance

Support levels: 0.98979, 0.98877, 0.98724.
Resistance levels: 0.99030, 0.99182, 0.99335.

Trading recommendations

Short positions can be opened below the level of 0.98979 with the target at around 0.98877-0.98724 and stop-loss at 0.99064.
Long positions can be opened above the level of 0.99106 with the target at around 0.99335 and stop-loss at 0.99029.

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