Overview :
The major support of the USD/CHF pair has been already set at the level of 0.9480 (double bottom) and minor support is seen at 0.9558. Equally important, the price of 0.9558 coincides with the ratio of 11.8% Fibonacci retracement levels in the H4 chart. On the other hand, the double top has been placed at 0.9755; and the first resistance is seen at 0.9727 (38.2% of Fibonacci retracement levels). Additionally, according to the previous events, the price is likely to move between 0.9558 and 0.9727. In addition, we expect a range of 169 pips this week. It should be noted that the trend is ascending from the support level of 0.9558. Therefore, strong support will be formed at the level of 0.9558, providing a clear signal for buy deals with targets at 0.9666. It might resume to 0.9727 if the trend is able to break the first target. Anywise, stop loss should never exceed your maximum exposure amounts, for that the stop loss should be placed above the double top at the 0.8460 level.
Observations :
- Supports: 0.9480 and 0.9558.
- Resistance: 0.9730.
- If the trend is buoyant, then the currency strengthing will be defined as following: USD is in the uptrend and CHF is in the downtrend.
The material has been provided by InstaForex Company - www.instaforex.com
