Technical analysis of USD/CHF for February 18, 2014

Weekly pivot point: 0.8955

Trading recommendations:

• According to the previous events, the USD/CHF pair has still been moving between 0.8935 and 0.8903.
• The price of 0.8903 is going to form a double bottom in H1 chart.
• Moreover, the price of 0.8955 is represented as the weekly pivot point on February 18, 2014.
• So, sell at the 0.8955 price with the first target at the 0.89 price, then it will call for downtrend in order to continue its bearish movement towards 0.8873 to test the weekly support 1.
• At the same time, the stop loss should be placed at the level of 0.8983.

Notes:

• We expect a range of 153 pips for February 18-21, 2014.
• The value of 50% Fibonacci retracement levels is: 0.8970.
• Also, it should note that 0.8970 will confirm the bullish market.
• Volatility: 120.20 (as a rule, the market is highly volatile if the last day had a huge volatility).

Technical levels:

Date and Time: 18/02/2014 10:28

Pair: USD/CHF

• R2: 0.9089
• R1: 0.9007
• PP: 0.8955
• S1: 0.8873
• S2: 0.8821

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