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

Our first target which we predicted in yesterday's analysis has been hit. USD/CHF is still expected to trade with a bullish outlook.The pair managed to hold above its nearest key support at 0.9915, and is expected to post a new bounce to challenge its next resistance at 0.9980. Both the 20-period and 50-period moving averages are turning up now, and the relative strength index is bullish above its neutrality area at 50. Therefore, as long as 0.9915 is not broken, look for a new rise to 0.9980 and 1.0020 in extension.

Chart Explanation: The black line shows the pivot point. The present price above the pivot point indicates a bullish position, and the price below the pivot point indicates a short position. The red lines show the support levels, and the green line indicates the resistance levels. These levels can be used to enter and exit trades.

Strategy: BUY, stop loss at 0.9915, take profit at 0.9980.

Resistance levels: 0.9980, 1.0020, and 1.0050

Support levels: 0.9905, 0.9880, and 0.9845