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26.07.201611:21 Forex Analysis & Reviews: Technical analysis of USD/CHF for July 26, 2016

Long-term review

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Overview:

The USD/CHF pair faced strong resistances at the levels of 0.9851 because support turned into resistance. So, the strong resistance has been already formed at the level of 0.9851 and the pair is likely to try to approach it in order to test it again. However, if the pair fails to pass through the level of 0.9851, the market will indicate a bearish opportunity below the new strong resistance level of 0.9851 (the level of 0.9851 coincides with a ratio of 61.8% Fibonacci). Moreover, the RSI starts signaling a downward trend, as the trend is still showing strength below the moving average (100). Thus, the market is indicating a bearish opportunity below 0.9851 so it will be good to sell at 0.9851 with the first target of 0.9965. It will also call for a downtrend in order to continue towards 0.9818. Also, it should be noted that the daily strong support is seen at 0.9780. However, the stop loss should always be taken into account, for that it will be reasonable to set your stop loss at the level of 0.9875.

Intraday technical levels:

R3: 0.9906
R2: 0.9875
R1: 0.9851
PP: 0.9834
S1: 0.9818
S2: 0.9780
S3: 0.9763

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