USD/CHF: technical analysis 30.12.19
On the 4-hour chart, the instrument keeps a negative dynamic. If the current trend maintains, the next target of the sellers will be 0.97046 support. This mark can prevent the instrument from falling, as the possibility of the upward reverse of the price is high there. However, the decisive break of 0.97000 will be a signal for downward trend resumption and give a prospect of decline to 0.96700-0.96500.
The pullback above 0.97351 will be a sign of upward correction formation. In this case, the growth can continue to the area of 0.97561-0.97656 resistance. There is a chance of a downward rebound, while its breakout would allow the growth to continue to the area of 0.97961 level.
Technical indicators mostly keep a sell signal, but the upward correction is possible in the short term.
Bollinger Bands are diverging on the background of bearish momentum.
MACD is growing in the negative zone.
Stochastic is in the oversold area and is pointed upwards, reflecting the high possibility of upward movement formation.
Support and resistance
Support levels: 0.97192, 0.97046, 0.96700, 0.96500.
Resistance levels: 0.97351, 0.97561, 0.97656, 0.97961.
Short positions can be opened below the level of 0.97192 with the target at around 0.97046-0.96900 and stop-loss at 0.97289
Long positions can be opened above the level of 0.97351 with the target at around 0.97656 and stop-loss at 0.97249.