Overview:
- The USD/CHF has broken major resistance at the price of 0.9615 which represents the weekly pivot point. Besides, the minor resistance is calculated at 0.9902 and it is now approaching it. Therefore, it will probably start downside movement at this area and recover again. So, the market will indicate a bearish opportunity at the level of 0.9902. It will be a good sign to sell at this spot with the first target of 0.9780 and continue towards 0.9615 in order to form the double bottom (the lowest price of last week). On the other hand, if a break is at the level of 0.9915, it will be a good location for placing stop loss at 0.9930.
Trading recommendations:
- According to the previous events, the price has been still trapped between 0.9902 and 0.9630.
- Buy above the weekly pivot point 0.9615 with the first target of 0.9788, it might resume to 0.9902.
- Below the price of 0.9902, look for further downside with the 0.9770 and 0.9615 targets.
Observations:
- We use historical rates to determine future prices because history will probably repeat itself again.
