29.12.201112:57 Forex Analysis & Reviews: USD/CHF: Technical Analysis for December 29 -- 30, 2011.

Overview:

USD/CHF:

It should be noted that the price has still been trapped between 0.955 -- 0.917 and the price has been set above strong support at the levels of 0.9227 / 0.9173 (0.9173: 61.8% of Fibonacci retracement levels on H4chart). Aswell it is noting that these levels are coinciding between 61.8% and 100% of Fibonacci retracement levels on H4 chart and the pair has already formed a strong resistance at this level of 0.955 and it is now approaching from it in order to test it. Therefore the Swissy will be a downside momentum is rather convincing and the structure of the fall looks is not corrective, in order to indicate a bearish opportunity below 0.955 for that it will a good sign to sell below 0.955 with a first target of 0.943 and it will call for downtrend in order to continue bearish towards 0.9331. Furthermore, it also have to note that the price at 0.9227 will be possible formed a strong support (0.9173: 61.8% of Fibonacci retracement levels on H4 chart). So it will be saturation around 1.918 to rebound the pair, aswell it will probably that the market is going to start showing the signs of bullish market. In other words, it will be a good sign to buy above 0.918 with a first target of 0.93 and continue towards 0.943.