- According to the recent events, the price of the USD/CHF pair has still trapped between the levels of
0.9134 and 0.9273. The level of 0.9273 is representing the ratio of 38.2%
Fibonacci retracement levels. Hence, sell below the level of 0.9273 with the
first target of 0.9222; it might resume to 0.9134 today in order to test the
weekly pivot point which represents the ratio of 11.8% Fibonacci retracement
levels. Also, it should be noted that the market was so stable and trend was so
clear (downward) last week. However, the stop loss should always be taken into account;
therefore it will be very useful to set your stop loss at the level of 0.9295.
- As it is known, sellers are asking for a high price. And the supply zone has been set between the level of 0.9273 and the 0.9260 level.
- The double top is seen at the level of 0.8856. The minor support is likely to be set at 0.9275 (this level is going to represent the weekly resistance).
- The major support had already been set at the level of 0.9134. Moreover, the double bottom is also coinciding with the major support.
- We expect a range of 78 pips this week.
- The level of 0.9196 is likely to be the key level today.
The material has been provided by InstaForex Company – www.instaforex.com