FX.co ★ Technical analysis of USD/CHF for March 15, 2017

Overview:

• The USD/CHF pair is still indicating a bullish market from the support level of 1.0041. Currently, the price is in a bullish channel on the 4H chart. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. As the price is still above the moving average (100), immediate support is seen at 1.0041 which coincides with a ratio of 38.2% Fibonacci. The first support is set at the level of 1.0041. So, the market is likely to show signs of a bullish trend around the spot of 1.0041. In other words, buy orders are recommended above the golden ratio (1.0041) with the first target at the level of 1.0153. Furthermore, if the trend is able to break out through the first resistance level of 1.0153, we should see the pair climbing toward the double top (1.0233) to test it. It would also be wise to consider where to place a stop loss; this should be set below the second support of 1.0041 (major support) today.