FX.co ★ Technical analysis of USD/CHF for May 10, 2017

Overview:

• The USD/CHF pair continues to move upwards from the level of 0.9991. Today, the first support level is currently seen at 0.9991, the price is moving in a bullish channel now. Furthermore, the price has been set above the strong support at the level of 0.9991, which coincides with the 50% Fibonacci retracement level. 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 0.9991 and 1.0093. So, the support level is seen at 0.9991, while daily resistance is found at 1.0093. Therefore, the market is likely to show signs of a bullish trend around the spot of 0.9991. In other words, buy orders are recommended above the spot of 0.9991/1.0000 with the first target at the level of 1.0093; and continue towards 1.0128. However, if the NZD/USD pair fails to break through the resistance level of 1.0128 today, the market will decline further to 0.9949.