Overview :
- The trend of USD/CHF has been descending since yesterday; the strength of the currency will be defined as follows: USD is in uptrend and CHF is in downtrend. Additionally, according to the previous events, the price of the USD/CHF pair has still been moving between 0.9760 and 0.9671. Hence, we expect a new range about 89 pips today and 212 this week. Moreover, it should be noted that the resistance has already set at the level of 0.9822, which represents the ratio of 38.2% of Fibonacci retracement levels in the H1 chart. Therefore, it will be of the insight to sell in this area of 0.9822 with the first target at 0.9691 in order to try to break the minor support. Then, the price is likely to be able to continue in downtrend towards 0.9633 (the level of 0.9633 will be formed a double bottom at the same frame time). On the other hand, the stop losses should be placed above 0.9830 because the level of 0.9822 will confirm a bullish market on March 23, 2015.
The material has been provided by InstaForex Company - www.instaforex.com
