Technical analysis of USD/CHF for September 24, 2020

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Technical analysis of USD/CHF for September 24, 2020

Technical analysis of USD/CHF for September 24, 2020

Technical analysis of USD/CHF for September 24, 2020

Overview:

  • Pair : USD/CHF
  • Trend : uptrend
  • Pivot : 0.9172

Resistance and support of the USD/CHF pair are set at 0.9244 and 0.9171 respectively.

As known, Fibonacci retracement is used to determine accurate psychological levels of support and resistance.

But it should be noted that the period of time should be taken into account, so in the daily chart the price has still moved above 61.8% Fibonacci retracement levels (0.9171).

Additionally, the price is in a bullish channel now. Amid the previous events, the pair is still in a uptrend.

From this point, the USD/CHF pair is continuing in a bullish trend from the new resistance of 0.9171.

The RSI is still signaling that the trend is upward as it remains strong above the moving average (100). This suggests the pair will probably go up in coming days.

Forecast

  • Therefore, forecast for September 24, 2020 will be in the following form:
  • Buy above 0.9171 with the first target at 0.9287, it might resume to the 0.9324 level in coming days.
  • Stop losses should be placed below 0.9127 (in case of buying at the above the level of 0.9171).

The material has been provided by InstaForex Company – www.instaforex.com

Source : https://www.mt5.com/forex_analysis/quickview/189052/