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USD/CHF: technical analysis 30.09.2019

Current trend

USD/CHF continues to consolidate in the side channel around the middle line of Bollinger Bands. If the "bulls" manage to raise the rate above the reistance level of 0.99182 (Murray [5/8]) the correction can continue to the area of 0.99319, that holds the gate for its rise to 0.99487 (Murray [6/8]) resistance line. If USD/CHF cannot consolidate above the level of 0.99182 during short term period, the downward movement restoration and retest of the level 0.98967-0.98877 (Murray [4/8]) are possible. The downward trend will be restored after the price is set below the level of 0.98877. In this case, the next targets of sellers will be the area of 0.98695-0.98572 (Murray [3/8]).
The technical picture is mixed. Bollinger Bands are converging on the background of sideway dynamic. MACD volumes are slowly decreasing in the positive zone. Stochastic has left the oversold area and is pointed upwards, reflecting the high possibility of the upward movement formation.

Support and resistance

Support levels: 0.98967, 0.98877, 0.98572.
Resistance levels: 0.99182, 0.99319, 0.99487.

Trading recommendations

Short positions can be opened above the level of 0.98967 with the target at around 0.98877-0.98572 and stop-loss 0.99098.
Long positions can be opened above the level of 0.99182, with the target at around 0.99319-0.99487 and stop-loss 0.99080.

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