FX.co ★ Technical analysis of USD/CHF for December 15, 2017

Overview:

• The price is still moving around the area of 0.9806 and 0.9921. Besides, it should be noted that the bias remains bullish in the nearest term testing 1.0037 or higher. The USD/CHF pair continues to move upwards from the level of 0.9806. Last week, the pair rose from the level of 0.9806 to the top around the area of 0.9921 (pivot). Today, the first resistance level is seen at 0.9972 followed by 1.0037, while daily support 1 is seen at 0.9886. According to the previous events, the USD/CHF pair is still moving between the levels of 0.9886 and 1.0037; for that, we expect a range of 150 pips.

• If the USD/CHF pair fails to break through the support level of 0.9886, the market will rise further to 0.9972. This would suggest a bullish market because the RSI indicator is still in a positive area and does not show any trend-reversal signs. The pair is expected to climb higher towards at least 1.0037 with a view to testing the double top. Briefly, the major support is seen at the price of 0.9806. So, it will be very useful to buy above the spot of 0.9806 with the targets of 0.9921 and 1.0037. On the other hand, if a breakout takes place at the support level of 0.9800, then this scenario may become invalidated.