Technical Analysis for CHF

Technical Analysis for CHF

The pair stabilized above 0.9385 represented in 38.2% correction of the descending channel starting from 0.9971 to 0.9021. Stability above 0.9385 might trigger a new ascending wave especially that Linear Regression Indicators crossed over positively showing the possibility of ending the downside move. On the other hand, momentum indicators tend to be negative and therefore stability above 0.9295 is necessary for the pair to resume the upside move. Breaching 0.9495 might establish a strong bullish wave.

The trading range for today is among key support at 0.9245 and key resistance at 0.9495.

The general trend over short term basis is to the downside stable at levels 0.9775 targeting 0.8860.

Support: 0.9360, 0.9325, 0.9275, 0.9270, 0.9245
Resistance: 0.9400, 0.9425, 0.9460, 0.9495, 0.9515

Recommendation Based on the charts and explanations above, our opinion is buying the pair around 0.9385 targeting 0.9425, 0.9460 then 0.9495 and stop-loss at four-hour closing below 0.9325 might be appropriate