Technical analysis of USD/CHF for December 15, 2015

Overview:

• The USD/CHF pair has still been moving between 0.9801 and 0.9915, but we should noticed that the price set below strong resistance at the levels of 0.9901 (50% of Fibonacci retracement levels in H4 chart). Moreover, these levels are coinciding between 50% and 38.2% of Fibonacci retracement levels in the H4 chart and the pair has already formed a strong resistance at the level of 0.9915. So, now the pair is approaching it in order to test it. Therefore, downside momentum is rather convincing and the structure of the fall does not look corrective. In order to indicate a bearish opportunity below 0.9915, sell below 0.9915 with the first target at 0.9803. It will call for downtrend continues falling towards 0.9803 to try to breaking the weekly support 1. Thus, if the trend is able to break out the weekly support 1 (0.9803), then the level of 0.9676 will be seen.

Intraday technical levels:

• R3: 1.0075
• R2: 0.9989
• R1: 0.9915
• PP: 0.9844
• S1: 0.9798
• S2: 0.9697
• S3: 0.9558

The material has been provided by InstaForex Company – www.instaforex.com