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USD/CHF Review

Published on: 27/12/2016

Over the past seven trading days the USD/CHF pair has been moving sideways after the formation of a peak at 1.0340. The price approached the resistance level 1.0340 for a third time but was never able to overcome it. Last time the price was in the area of the mark 1.0340 was in November 2015 after which the long sideways movement we see today began.

The prospect of breaking through the 1.0340 resistance for the USD/CHF pair is large enough.
We can see it on the fundamental data from America and Europe and with the help of technical analysis on the graph as well.

Most likely we will see two scenarios of further development for the USD/CHF:

Scenario #1: Breaking the 1.0340 resistance and exiting from the sideways movement.
In this scenario the transaction to buy should be opened after the formation of the confirmation of the breakout with a few candles up. The objectives of the profit will be the levels 1.0430 and 1.0450.

Scenario #2: Rebound from 1.0340 and resistance reduced within the side channel.
If the price suspends its growth near the resistance 1.0340 it will begin forming a correctional movement. In case it breaks the support level of 1.0180 the price is likely to continue to decline within the channel and in this scenario sales will be relevant below 1.0180 with target points of profit taking at 1.0085 and 09950.

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