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22.12.201501:40 Forex Analysis & Reviews: Technical analysis of USD/CHF for December 22, 2015

Long-term review

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Overview:

According to the previous events, the USD/CHF pair is still moving between the levels of 0.9813 and 1.0145. So, we expect a large range of about 332 pips this week. The breakout is seen at the ratio of 38.2% Fibonacci retracement level (0.9812). But the key level is set at 0.9910 because it represents minor support and it is coinciding with the 50% Fibonacci retracement level. The history is likely to repeat itself at this level again. Therefore, it will be a good sign to buy above 0.9910 with the first target at 1.0008. It will call for an uptrend in order to continue its bullish movement towards 1.0150. On the other hand, the stop loss should never exceed your maximum exposure amounts, consequently the stop loss should be placed below the double top at 0.9785.

Intraday technical levels:

Date: 22/12/2015

Pair: USD/CHF

R3: 1.0229
R2: 1.0149
R1: 1.0008
PP: 0.9910
S1: 0.9813
S2: 0.9693
S3: 0.9591

Warning:

It should be noted that if there is no significant news to influence the market, the price is likely to be moving from pivot point to resistance 1 or support 1. But if there is significant news, the price may go straight through resistance 1 or support 1 and reaches resistance 2 or support 2 and even resistance 3 or support 3.

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