15.12.2017 08:06 AM
Technical analysis of USD/CHF for December 15, 2017

This image is no longer relevant

USD/CHF is expected to trade with a bullish outlook. The pair posted a rebound after touching the 50-period moving average. In addition, the 50-period moving average is turning up. The relative strength index lacks downward momentum. The downside potential should be limited by the key support at 0.9835.

The U.S. Commerce Department reported that retail sales grew 0.8% on month in November, faster than +0.3% expected and +0.5% in October. The Labor Department said initial jobless claims dropped 11,000 to a seasonally adjusted 225,000 in the week ended December 9, lower than 235,000 new claims expected.

To sum up, as long as this key level holds on the downside, look for the continuation of the rebound to 0.9905 and even to 0.9930 in extension.

Chart Explanation: The black line shows the pivot point. The present price above the pivot point indicates a bullish position, and the price below the pivot points indicates a short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.

Strategy: BUY, Stop Loss: 0.9835, Take Profit: 0.9905

Resistance levels: 0.9905, 0.9930, and 0.9960

Support levels: 0.9805, 0.9785, and 0.9755

  • Grand Choice
    Contest by
    InstaForex always strives to help you
    fulfill your biggest dreams.
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In June we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
  • 30% Bonus
    Receive a 30% bonus every time you top up your account

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback