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08.01.201513:38 Forex Analysis & Reviews: Technical analysis of USD/CHF for January 8, 2015

Long-term review

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Overview:

The USD/CHF pair is going to set strong supports at the levels of 1.0136 and 1.0077; on the other hand the resistance levels will set at the 1.0250 and 1.0295 levels. Thus, the price is going to move between 1.0136 and 1.0250 in coming hours. As a result, the price has already formed the strong support at the level of 1.0136 and it is now approaching it in order to test it. Therefore, the USD/CHF pair will get a rather convincing upside momentum and the structure of the increment does not look corrective, indicating a bullish opportunity above the 1.0136 level so it will be a good sign to buy above 1.0136 with the first target of 1.0210 (this level is coinciding with the daily pivot point today). It will also call for an uptrend in order to continue bearish move towards 1.0250. The price is at 1.0294 to form a new double top. However, the stop loss should always be taken into account, hence it will be reasonable to set your stop loss at the price of 1.0042.

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