Technical analysis for the USDCHF on 27.11.2015

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The USDCHF has held above the strong resistance of 1.0220

usdchf2

The Swiss Franc keeps its steady uptrend, despite strong divergence in trading volumes. The breakout of 1.0220 resistance suggests further growth.

Level 1.0220 is currently acting as strong support. Besides, trading is developing within the medium-term ascending channel. As long as the channel remains intact, upside potential preserves.

In a short run, we expect corrective pullback to the channel’s lower border at 1.0185, followed by the rebound up. Potential growth targets are 1.0260, 1.03000.

Alternative scenario:

Bullish trend will turn down for correction if price breaks the lower border of the ascending channel at 1.0185. The main decline targets in this case will be situated at 1.0140, 1.0120 supports.

 

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Hello, my name is Artem. If you ask me “Why have you chosen Forex?”, I would quote a legendary bestseller “Trading for a Living” written by Alexander Elder – the greatest trader of all time: “You can be free. Live and work in any corner of the globe. You can set aside everyday troubles and be free from all bosses. This is the life of a successful trader”(a small step aside.) Now I will tell you a few words about myself: I have a two-year experience of Forex trading. I also have a trading certificate confirming that I have passed a course called “Theory and practice of international financial markets” held by a private consulting company. Currently, I’m trading in a foreign exchange market and reading books written by successful world traders. I believe only in technical analysis, as it is based on crowd psychology, while the crowd behavior is primitive.