USD/CHF: technical analysis 27.09.2019
On 4-hour chart, the instrument shows a positive dynamic. If the current trend maintains the next targets of buyers will be the level of 0.99487 (Murray [6/8]). The level of 0.99487 seem a strong resistance, that can prevent the instrument from growing. Meanwhile, the breakout and pair’s sustained trading above this level will let the price rich 0.99574-0.99792 (Murray [7/8]). If USD/CHF cannot consolidate above the level of 0.99487 during short term period, the downward movement restoration and retest of the level 0.99182 (Murray [5/8]) are possible. The breakdown of the level 0.99182 will let USD/CHF fall to the level of 0.99035, which is the middle line of Bollinger Bands. Technical indicators reflect the maintenance of the current upward trend. Bollinger Bands are diverging on the background of bullish momentum. MACD is actively growing in the positive zone. Stochastic is pointed upwards.
Support and resistance
Support levels: 0.99319, 0.99182, 0.99035.
Resistance levels: 0.99487, 0.99574, 0.99792.
Short positions can be opened below the level of 0.99319 with the target at around 0.99182-0.99035 and stop-loss 0.99413.
Long positions can be opened above the level of 0.99487 with the target at around 0.99574-0.99792 and stop-loss 0.99385.