FX.co ★ Technical analysis of USD/CHF for May 29, 2018

Overview: The USD/CHF pair is still trading around the area of 0.9993/0.9911. The bias remains bullish in the nearest term, testing 1.0134 or higher. The price is still moving around the major support of 0.9933. The USD/CHF pair follows a bullish trend from the support levels of 0.9911 and 0.9993. Currently, the price is in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in the bullish trending market. As the price is still above the moving average (100), the immediate support is seen at 0.9993. Also, it should be noted that the daily pivot point is seen at the point of 0.9993. Consequently, the first support is set at the level of 0.9993. So, the market is likely to show signs of a bullish trend around the spot of 0.9993. In other words, buy orders are recommended above the level of 0.9993 with the first target at the level of 1.0055. Furthermore, if the trend is able to break out through the first resistance level of 1.0055, we will see the pair climbing towards the new double top (1.0096) to test it. It would also be wise to consider where to place a stop loss; this should be set below the second support of 0.9877 which consides with the double bottom.