FX.co ★ Technical analysis of USD/CHF for June 08, 2017

USDCHF's yesterday target has been hit as predicted. The pair is still expected to trade with a bullish outlook above 0.9635. Although the pair retreated from 0.9675 (the high of June 7), it is still trading above the key support at 0.9635, which should limit the downside potential. The rising 50-period moving average suggests that the price has potential for a further upside. The relative strength index is supported by a rising trend line since June 2.

To conclude, as long as 0.9635 holds on the downside, look for a continuation of a rebound to 0.9720 and even to 0.9760 in extension.

Graph Explanation: The black line shows the pivot point, present price above pivot point indicates the bullish position and below pivot points indicates the short position. The red lines shows the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.

Strategy: Buy at dips, Stop Loss: 0.9635, Take Profit: 0.9720

Resistance levels: 0.9720, 0.9760, and 0.9800

Support levels: 0.9610, 0.9575, and 0.9535