USD/CHF: TECHNICAL ANALYSIS 25.10.2019
On the 4-hour chart, the instrument is growing along the upper line of the Bollinger Bands. At the moment the price has met the resistance at the level of 0.99298, which can activate a downward correction in short term period. Assuming the pair’s ability to cross this level, the mark of 0.99487 can be targeted if holding long positions. Alternative scenario.
If the sellers manage to decline the rate below the level of 0.99182, the downward correction can continue to the area of 0.99063-0.99009. There is a chance of an upward rebound, while its breakdown would be a start for a downward trend resumption. In this case, the next targets of sellers will be the level of 0.98877.
Technical indicators mostly reflect the maintenance of the upward trend potential. Bollinger Bands are pointed upwards. MACD is slowly growing in the positive zone. Stochastic is in the overbought zone and is pointed upwards.
Support and resistance
Support levels: 0.99182, 0.99009, 0.98877.
Resistance levels: 0.99298, 0.99487, 0.99792.
Short positions can be opened below the level of 0.99182 with the target at around 0.98877 and stop-loss at 0.99283.
Long positions can be opened above the level of 0.99298 with the target at around 0.99487-0.99650 and stop-loss at 0.99190.