USD/CHF: technical analysis 24.12.19

Current trend

On the 4-hour chart, the instrument keeps a moderate positive dynamic. The price is approaching a strong resistance in the region of 0.98267. There is a chance of a downward rebound, while its breakout would allow the growth to continue to the area of 0.98419-98534.

Alternative scenario

The rebound from 0.98267 could lead the price back to 0.98114 support. The downward trend will be restored after the price is set below the level of 0.98071, which is the middle line of Bollinger Bands. In this case, the next targets of sellers will be the level of 0.97961-0.97809.

Technical indicators

Technical indicators reflect the moderate maintenance of the current upward trend.

Bollinger Bands are diverging on the background of bullish momentum.

MACD is growing in a positive zone.

Stochastic is pointed upwards, reflecting the high possibility of upward movement formation.

Support and resistance

Support levels: 0.98114, 0.97961, 0.97809.
Resistance levels: 0.98267, 0.98419, 0.98534.

Trading recommendations

Long positions can be opened above the level of 0.98267 with the target at around 0.98419-0.98534 and stop-loss at 0.98178.
Short positions can be opened below the level of 0.98114 with the target at around 0.97961-0.97809 and stop-loss at 0.98215.

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