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23.10.201500:10 Forex Analysis & Reviews: Technical analysis of USD/CHF for October 23, 2015

Long-term review

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Overview:

According to the previous events, the USD/CHF pair is still moving above the levels of 0.9675 and 0.9702. An uptrend is observed in the market since yesterday. Besides, it should be noted that we expect a range between the levels of 0.9702 and 0.9790. So, we expect a large range about 88 pips in coming hours. A breakout is seen at 61.8% Fibonacci retracement level (the double bottom in the daily chart) for that the key level is set at the level of 0.9702 because it represents strong support and coincides with the 61.8% Fibonacci retracement level. It will be good to buy above 0.9702 with the first target at 0.9763 in order to test the double top. It will call for an uptrend in order to continue its bullish movement towards 0.9790. On the other hand, the stop loss should never exceed your maximum exposure amounts, consequently, the stop loss should be placed below the double bottom at the price of 0.9675.

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