Long-term review
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Trading recommendations:
- According to the previous events, the price of the USD/CHF pair probably is going to move between the levels of 0.9656 and 0.9550. Resistance has already set at the level of 0.9660 and support stands at the level of 0.9550. Hence, we expect a range of 97 pips in the coming two day. Additionally, it should be noted that if the trend is descending, then the strength of the currency will be defined as following: USD is in a downtrend and CHF is in an uptrend. Therefore, it will be of the insight to sell in this area of 0.9656 with the first target at 0.9594 in order to try breaking the daily pivot point which coincides with the ratio of 61.8% Fibonacci retracement levels. Then, the price will be able to continue in the downtrend towards 0.9550 (The double bottom will be formed at the level of 0.9550 in H4 chart). On the other hand, the stop losses should be placed above 0.9570.
Intraday technical levels:
Date:18/11/2014
Pair:USD/CHF
- R3: 0.9785
- R2: 0.9720
- R1: 0.9683
- PP: 0.9594
- S1: 0.9581
- S2: 0.9516
- S3: 0.9479
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