FX.co ★ Technical analysis of USD/CHF for April 21, 2016

Overview:

• Yesterday, the USD/CHF pair moved from its bottom at 0.9505 and continued rising towards the top of 0.9720. Today, on the four-hours chart, the current rise will remain within a framework of correction. However, if the pair fails to pass through the level of 0.9750, the market will indicate a bearish opportunity below strong resistance level of 0.9750 (the level of 0.9750 coincides with strong resistance). Amid the previous events, the pair is still in a downtrend. From this point, the USD/CHF pair is continuing in a bearish trend from the new resistance of 0.9730 - 0.9750. Since there is nothing new in this market, it is not bullish yet. Sell deals are recommended below the level of 0.9750 with the first target at 0.6440. If the trend breaks the support level of 0.6440, the pair is likely to move downwards continuing the development of a bearish trend to the level of 0.9570 in order to test the daily support 2. Also, it should be noted that the double bottom is seen at the price of 0.9509.

Intraday key levels:

• Resistance 3:0.9901
• Resistance 2:0.9840
• Resistance 1:0.9750
• Pivot Point:0.9695
• Support 1:0.9640
• Support 2:0.9570
• Support 3:0.9509