Midday Technical Analysis on USD/CHF 12 of April
USDCHF at the moment is making a correction after price had descended from price level of 1.00302, the high of 31th of October 2017 which moved in a 5 wave impulse form. Price is currently trading in a zig-zags formation making steep moves against the predominant trend.
Currently price is at 0.96393, further move could see price heading to resistance level of 0.96747, which is the high of 18th of January, if price fails to break that resistance level will should see a decline from that level to support zone of 0.95615. If a breakout occurs on 0.95615 which is resting on the slope of the higher low, we should see an explosive move towards subsequent support regions.
On the upside, Resistance Levels that should be watched out for:
Resistance Level 1----0.96747
Resistance Level 2----0.98327
Resistance Level 3----0.99143
On the downside, Support Levels that should be watched out for:
Support Level 1----0.95615
Support Level 2----0.94325
Support Level 3----0.93562