Technical analysis of USD/CHF for June 01, 2017 - Forex247

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Thursday, June 1, 2017

Technical analysis of USD/CHF for June 01, 2017

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Overview:

  • Pivot point : 0.9739.
  • The USD/CHF pair is still indicating a strong bearish market from the area of 0.9787 and 0.9739. The bias remains bearish in the nearest term testing 0.9691 or 0.9645. The first resistance level is seen at 0.9787 followed by 0.9739, while daily support 1 is seen at 0.9691. The USD/CHF pair broke support which turned into strong resistance at 0.9787. The market is still set to trade around the daily pivot point of 0.9739. This week, it continued to move downwards from the level of 0.9787 to the bottom around 0.9739. The pair is trading below this level. It is likely to trade in a lower range as long as it remains below the resistance of 0.9787 which is expected to act as major resistance. According the previous events, the USD/CHF pair is still moving between the levels of 0.9787 and 0.9645. Consequently, the major resistance can be found at 0.9787 providing a clear signal to sell with a target seen at 0.9691. If the trend breaks the minor support at 0.9691, the pair will move downwards continuing the bearish trend development to the level of 0.9645 and 0.9600. The bearish scenario which suggests that the pair will stay below the spot of 0.9787. So, the stop loss should be placed at the price of 0.9815.
The material has been provided by InstaForex Company - www.instaforex.com


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