Overview :
- Today, on January 15, 2015, the USD/CHF pair has dropped sharply from the 0.9947 level towards 0.7309. Now, price is set at the 0.8902 to act as a daily pivot point. It should be noted that the volatility is very high for that the price of the USD/CHF pair is still moving between 0.9397 and 0.8521 in coming day. Furthermore, the price has been set below the strong resistance at the levels of 0.9947 and 0.9397 which coincide with the 61.8% and 50% of Fibonacci retracement levels respectively. Additionally, the current price is worth noting that this level coincides with the 38.2% of Fibonacci retracement levels on H1 chart to the weekly chart. Thereupon, the pair has already formed a strong resistance at this level of 0.9383, and it is now approaching it to test it. Therefore, the possibility that the Swissy will have a downside momentum is rather convincing and the structure of the fall does not look corrective. In order to indicate a bearish opportunity below 0.9383, it will be a good sign to sell below 0.9383 or 0.9110 with the first target of 0.8820. It is equally important that it will call for downtrend in order to continue bearish trend towards 0.8152. On the other hand, it is also noteworthy that the price at 0.8521 will possibly form a strong support. Accordingly, saturation around 0.8521 to rebound the pair is likely to occur. Furthermore, it is possible that the market is going to start showing the signs of bullish market. Hence, it will be a good sign to buy above 0.8521 with the first target of 0.8913 and continue towards 0.9080 and 1.9110.
The material has been provided by InstaForex Company - www.instaforex.com
