Support and resistance have been set at the level of 0.9716 and 0.9817 respectively. Hence, the price of USD/CHF pair is still trading between 0.9720 and 0.9815 but it should be noticed that the price has been set above strong support at 0.9725 (0.9716: 61.8% of Fibonacci retracement levels at the same time frame). Moreover, these levels are coinciding between 61.8% and 88.2% of Fibonacci retracement levels and the pair has already formed strong resistance at the level of 0.9817 (note that the double top is set at the point of 0.9862). Now, it is approaching it in order to test it. Therefore, the USD/CHF pair is likely to see an upside momentum rather convincing and the structure of the fall does not look corrective. In order to indicate bullish opportunities above 0.9716, it will be a good sign to buy above 0.9720 with the first target at 0.97800. It will call for the uptrend to continu rising towards 0.9817 to try to break weekly resistance. Thus, if the trend is able to break weekly resistance, the market will move towards 0.9862 (the double top).
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
and resistance have been set at the level of 0.9716 and 0.9817 respectively.
Hence, the price of USD/CHF pair is still trading between 0.9720 and 0.9815 but
it should be noticed that the price has been set above strong support at 0.9725
(0.9716: 61.8% of Fibonacci retracement levels at the same time frame).
Moreover, these levels are coinciding between 61.8% and 88.2% of Fibonacci
retracement levels and the pair has already formed strong resistance at the
level of 0.9817 (note that the double top is set at the point of 0.9862). Now,
it is approaching it in order to test it. Therefore, the USD/CHF pair is likely to see an upside momentum rather convincing and the structure of the fall does not look corrective. In order to indicate bullish opportunities above 0.9716, it will be a good sign to buy above 0.9720 with the first target at 0.97800. It will call for the uptrend to continu rising towards 0.9817 to try to break weekly resistance. Thus, if the trend is able to break weekly resistance, the market will move towards 0.9862 (the double top).
The material has been provided by InstaForex Company – www.instaforex.com
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