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USD/CHF: TECHNICAL ANALYSIS 30.10.2019

Current trend

USD/CHF is trading below its middle line of Bollinger bands suggesting bearish momentum. The pair nears 0.99301 horizontal-support. The breakdown of this level will give the prospect of fall to the support level of 0.99182. This level seems a key level for the sellers in a short term period. There is a chance of an upward rebound, while its breakdown could accelerate a decline to one week low surrounding 0.98979.

Alternative scenario.
If the "bulls" manage to decline the rate above the level of 0.99487, the growth can continue to the area of 0.99639. The area of 0.99695-0.99792 seems a strong resistance area, that can activate a downward rebound. Meanwhile, the decisive breakout of 0.99792 will indicate the upward trend resumption. In this case, the buyers will have their sight on resistance 1.00098.
Technical indicators mostly reflect the maintenance of the downward trend potential. MACD volumes are decreasing in the positive zone. Stochastic’s lines are pointed downwards and are reaching the oversold area. Bollinger Bands are pointed sideways.

Support and resistance

Support levels: 0.99301, 0.99182, 0.98877.
Resistance levels: 0.99487, 0.99792, 1.00098.

Trading recommendations

Short positions can be opened below the level of 0.99301 with the target at around 0.99182-0.99000 and stop-loss at 0.99400.
Long positions can be opened above the level of 0.99487 with the target at around 0.99792 and stop-loss at 0.99385.

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