- The current pivot point set at 0.9290.
- The USD/CHF pair broke
major resistance at the level of 0.9224. New resistance was found at the level
of 0.9393 (50% of Fibonacci retracement levels) and now it is approaching it in
order to test it. Also, the level of 0.9224 has become strong support on June
23, 2015. So, the USD/CHF pair will be restricted by the levels of 0.9224 and
0.9393; for that we expect a range of 169 pips roughly this week. Therefore, it
will probably start upward movement at this area and recover again. Thus, the
market will indicate a bullish opportunity at the level of 0.9300 and it is
likely to be a good sign to buy at this spot with the first target at 0.9300.
It will continue moving towards 0.9393 to make a double top today. Moreover, we
look for the weekly target around the strong resistance at 0.9393. At the same
time, if a break of 0.9282 happens, it will be a good location a stop loss at
the level of 0.9421.
The material has been provided by InstaForex Company – www.instaforex.com