USDCHF: Technical outlook

USDCHF is heading towards another fall as the pair failed to sustain breakout above trend channel connecting the lows of 0.9404 and 0.9263 after US Jobless Claims strengthened US Dollar.

The pair is currently trading near 0.9270, indicating another fall into the descending trend channel given the sustained trading below 0.9240 (23.6% Fibonacci Retracement Level of its downturn from 0.9971 to 0.9021).

If the pair sustains a breakdown below 0.9240, it is expected to test 0.9180 support level (indicated by ascending trend line connecting the lows of January and lows). A break below 0.9180 may lead it towards 0.9110.

If the pair continues to trade below 0.9110, it is expected to test 0.9000 levels.

On the upside, 0.9300 seems the immediate resistance level, breaking which it can head towards 0.9365 – 0.9385 resistance (including 50-day SMA, 200-day SMA and 38.2% Fibonacci Retracement Level).

Given the sustained breakout above 0.9385, the pair is expected to head towards 0.9440-0.9450 resistance zone.

Original Article: Admiral Markets and hyper link Admiral Markets with http://www.admiralmarkets.com/