Technical analysis of USD/CHF for December 27, 2018 - ConsultFX

Technical analysis of USD/CHF for December 27, 2018



The USD/CHF pair continues to trade upwards from the level of 0.9951 on the H4 chart. Today, the first support level is currently seen at 0.9951, and the price is moving in the bullish channel now. There are no changes in our technical outlook. The bias remains bullish in the nearest term, testing 1.0142 or higher. Furthermore, the price has been set above the strong support at the level of 0.9951, which coincides with the daily pivot point. This support has been rejected three times, confirming the veracity of an uptrend. According to the previous events, we expect the USD/CHF pair to trade between 0.9951 and 1.0058. So, support stands at 0.9951, while daily resistance is found at 1.0058. Therefore, the market is likely to show signs of a bullish trend around the spot of 1.0058. In other words, buy orders are recommended to be placed above the spot of 1.0058/0.9951 with the first target at the level of 1.0142; and then towards 1.0216. However, if the USD/CHF pair fails to break through the resistance level of 1.0058 today, the market will decline further to 0.9863.

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