22.11.201110:32 Forex Analysis & Reviews: USD/JPY Intraday Important Level For November 22nd /2011

Overview:

• The USD/CHF pair is going to set strong resistance at the level of 0.8854 and this level is coinciding with the ratio of 61.8% Fibonacci retracement levels. Equally important, the price is still moving between 0.8795 and 0.8840. Also, the USD/CHF pair has still been below 61.8% of Fibonacci retracement levels since April 9, 2014. As a result, the price has already formed the strong resistance at this level of 0.8854 and it is now approaching it in order to test it. Moreover, it should be noted that the level of 0.8854 is the key price today. Therefore, the USD/CHF pair will get a downside momentum rather convincing and the structure of the fall does not look corrective, for indicating a bearish opportunity below the 0.8854 level for that it will a good sign to sell below 0.8854 with a first target of 0.8805 (this level is coinciding with the weekly pivot point) and it will call for downtrend in order to continue bearish towards 0.8760. Additionally, the price is at 0.8760 to test the double bottom and it had already open above the gab. On the other hand, the stop loss should always be taken into account, thus it will be useful to set your stop loss at the price of 0.8883.