Trading recommendations:
- The resistance of the USD/CHF pair has already set at 0.9937 on December 24, 2015. Moreover, the double top sets at the level of 0.9978. Thus, we expect a range of 97 pips today because usually the last day of a week shows high volatility. Therefore, it will be quite profitable to sell below this level (0.9978) for retesting this level in the short term. Hence, sell deals are recommended below the level of 0.9978 with targets at 0.9908 (the level of 0.9908 is representing the first support) and 0.8979 to reach the second support. Additionally, the descending movement will probably be lower than the 0.9862 level with the target at the double bottom. The double bottom sets at the level of 0.9862 and also coincides with the major support today.
Observations:
- The resistance will be set at the level of 0.9970 and the support has already been placed at the price of 0.9862.
- We expect a new range about 232 pips this week.
- The key level will set at the level of 0.9910.
- The level of 0.9978 is going to represent the double top.
