USD/CHF: technical analysis 25.11.2019
USD/CHF is in the stage of a downward correction after rising to the level of 0.99792. If the sellers manage to decline the rate below the level of 0.99640 the correction can continue to the area of 0.99487. This level seems tough to support as break of which can diver market to 0.99335 support zone.
The rebound from 0.99640 could lead the price back to 0.99792 resistance zone. The breakout of this level can accelerate the pair towards 0.99945. The area of 0.99945-1.00098 will be a key zone for the buyers.
Technical indicators mostly reflect the maintenance of the upward trend, but the downward correction is possible in the short term.
Bollinger Bands are diverging on the background of bullish momentum.
MACD volumes are growing in a positive zone.
Stochastic is in the overbought zone and is pointed downwards, reflecting the high possibility of downward movement formation.
Support and resistance
Support levels: 0.99640, 0.99487, 0.99335.
Resistance levels: 0.99792, 0.99945, 1.00098.
Short positions can be opened below the level of 0.99640 with the target at around 0.99487-0.99335 and stop-loss at 0.99741.
Long positions can be opened above the level of 0.99792 with the target at around 0.99945-1.00098 and stop-loss at 0.99890.