USD/CHF Technical Analysis & Daily Chart

General Analysis The price of the USD/CHF currency pair continues to decline and yesterday tested the support level 0.9950. This fall began in mid-December last year and since then the price has dropped by almost 400 points. During the last week the price approached the 0.9950 level several times and here again the price came close to this mark and closed above this level. Earlier the level of 0.9950 acted as a resistance to the price which the price could not get through for a long time. Now we expect the same effect from a given level only as of the level of support. Therefore, we can expect prices to rebound from the 0.9950 support. Given the fact that the overall trend still is downward and the indicator gives us a sell signal, the transactions with the rebound from the level should be opened quite carefully. It is necessary to wait for a confirmation of the rebound of at least two candles and only after this to open the transaction for the purchase. The Next Few Days We recommend opening the transaction to buy after a rebound from the 0.9950 support; the target points of profit-taking will be the moving average line (14) on the daily chart, as well as the level of 1.0060. Stop-loss orders should be set up for 30-40 point above the entry point.