LiteForex_Official

USD/CHF: CHF remains under pressure

FX:USDCHF   U.S. Dollar/Swiss Franc
45 0 2
Current trend

At the beginning of the week, the USD/CHF             pair is growing to new local             highs. After a weekly rally, the USD keeps strengthening against the CHF despite weak New Homes Sales Change statistics, released on Monday in the US. In September, the indicator fell by 11.5% against a 5.2% growth in the previous month, while just a 0.4% decline was expected.
The US dollar             gains support from expectations of the Fed meeting, due on Wednesday, and China's monetary easing. This weekend, the People's Bank of China lowered its interest rates for the sixth time this year.

Support and resistance

Bollinger bands indicator on the daily chart is moving upwards. The price range is widening, but the price does not fit within its borders. MACD is growing and keeping a buy signal. Stochastic is in the overbought zone and turning horizontally.
Bollinger Bands and Stochastic indicate a possibility of a downward correction. MACD recommends long positions.
Support levels: 0.9800, 0.9774, 0.9439, 0.9717, 0.9685, 0.9666, 0.9644, 0.9621, 0.9600.
Resistance levels: 0.9822, 0.9842 (25 September high), 0.9862, 0.9900 (11 August high), 0.9930.

Trading tips

Long positions can be opened after the breakout of the level of 0.9842 (with appropriate indicators signals) with targets at 0.9900, 0.9920 and stop-loss at 0.9800. Validity - 1-2 days.
Short positions can be opened after the breakdown of the levels of 0.9822, 0.9800 with targets at 0.9740, 9.9700 and stop-loss at 0.9850. Validity - 2-3 days.
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