Technical analysis of USD/CHF for December 31, 2013
December 31, 2013 5:45 am
The weekly pivot point: 0.8890.
Overview:
The USD/CHF pair is probably going to form a strong support at the level of 0.8830 (00% of Fibonacci retracement levels in the H1 chart, it formed the last bearish wave for the last week and the 0.8883 level also acts as strong support). The saturation is likely to take place around 0.8883 because this level is also forming a double bottom for the last day of 2013. Therefore, it is possible that the market will start showing bullish signs in the a short period. The weekly support 1 is set at the same price of the double bottom, thus buy deals are recommended above 0.8825 with the first target seen at the 0.8920 level and further at the 0.8970 level. It should be noted that the level of 0.8990 is a strong resistance, for that it will profitable and gainful to take all profits below the 0.8990 level.
The material has been provided by InstaForex Company – www.instaforex.com
The weekly pivot point: 0.8890.
Overview:
The USD/CHF pair is probably going to form a strong support at the level of 0.8830 (00% of Fibonacci retracement levels in the H1 chart, it formed the last bearish wave for the last week and the 0.8883 level also acts as strong support). The saturation is likely to take place around 0.8883 because this level is also forming a double bottom for the last day of 2013. Therefore, it is possible that the market will start showing bullish signs in the a short period. The weekly support 1 is set at the same price of the double bottom, thus buy deals are recommended above 0.8825 with the first target seen at the 0.8920 level and further at the 0.8970 level. It should be noted that the level of 0.8990 is a strong resistance, for that it will profitable and gainful to take all profits below the 0.8990 level.
The material has been provided by InstaForex Company – www.instaforex.com
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