FX.co ★ Technical analysis of USD/CHF for October 18, 2017

Overview:

• The USD/CHF didn't make significant movement yesterday. There are no changes in my technical outlook. The bias remains bullish in nearest term testing 0.9836 or higher. Today, the USD/CHF pair is showing signs of strength following a breakout of the highest level of 0.9734. On the H1 chart. the level of 0.9734 coincides with 23.6% of Fibonacci, which is expected to act as minor support today. Since the trend is above the 23.6% Fibonacci level, the market is still in an uptrend. But, major support is seen at the level of 0.9734. Furthermore, the trend is still showing strength above the moving average (100). Thus, the market is indicating a bullish opportunity above the above-mentioned support levels, for that the bullish outlook remains the same as long as the 100 EMA is headed to the upside. Therefore, strong support will be found at the level of 0.9734 providing a clear signal to buy with a target seen at 0.9808. If the trend breaks the minor resistance at 0.9808, the pair will move upwards continuing the bullish trend development to the level 0.9836 in order to test the double top.