Overview :
- In the long term, the price of USD/CHF pair is still moving between 0.9054 and 0.9492. The key level is set at the spot of 0.9277 for a while. It should be noted that the level of 0.9277 is representing the 50% of Fibonacci retracement levels and the price has set above the strong support of 0.9105. It s equally important that these levels are coinciding between 38.2% and 61.8% of Fibonacci retracement levels on the same chart. Otherwise, the pair has already formed a strong resistance at this level of 0.9492 and it is now approaching from it in order to test it. Therefore, the USD/CHF pair will be a downside momentum, which is rather convincing. The structure of the fall is not corrective. It will be a good sign to sell below 0.9492 with a first target of 0.9330 and it will call for a downtrend in order to continue bearish towards 0.9277 and then towards 0.9212. Furthermore, it is also should be noted that the price at 0.9210 will possible forme a minor support. So, it will be saturation around 0.9210 to rebound the pair, for that the market is going to start showing the signs of bullish market. As a result, it will be a good sign to buy above 0.9210 with a first target of 0.9323 and continue towards the level of 0.9405.
The material has been provided by InstaForex Company - www.instaforex.com
