Technical analysis of USD/CHF for December 24, 2013
December 24, 2013 6:30 am
Overview:
The USD/CHF pair is indicating a decline from the level of 0.8993 in order to resume towards 0.8905. Therefore, the pair is going to form a support at the level of 0.8905 and it is now approaching to test it. So, it should be noticed that the price will be trapped between the resistance 0.8993 and the support 0.8905. The price has been set below the last resistance (0.8905) since December 5, 2013; moreover, the trend could not close above this price level. Thus, the market started showing the sign of bearish market, then it is a good deal to sell below 0.8993 with the first target of 0.8945 and continue towards 0.8905. However, if the trend breaks the level of 0.8905 and close below it (0.8905), it will be a downside momentum rather convincing and the structure of the fall does not look corrective. For that, the market will indicate a bearish opportunity below 0.8905, then the support will become resistance, for that it will a good sign to sell again below 0.8905 with the third target at the price of 0.8866 (support 2).
The material has been provided by InstaForex Company – www.instaforex.com
The material has been provided by InstaForex Company – www.instaforex.com
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