Technical analysis of USD/CHF for June 17, 2014

Overview:

• The USD/CHF pair is going to set strong resistance at the level of 0.9030 and support stands at 0.8921 today. Equally important, the price has still been moving around the key level at 0.8984 since yesterday. Moreover, the USD/CHF pair has still been below 100% of Fibonacci retracement levels since June 4, 2014. Another thought, the RSI calls for downtrend. As a result, the price has already formed the strong resistance at this spot of 0.9030 and it is now approaching it in order to test it. Therefore, the USD/CHF pair will get a downside momentum rather convincing and the structure of the fall does not look corrective, for indicating a bearish opportunity below the 0.9030 level for that it will a good sign to sell below 0.9030 with the first target of 0.8990 (this level is coinciding with the daily pivot point) and it will call for downtrend for continuing bearish towards 0.8925 (the weekly support 1).

Intraday technical Levels:

Date and Time: 17/06/2014 11:30

Pair: USD/CHF

• R3: 0.9049
• R2: 0.9030
• R1: 0.9001
• PP: 0.8982
• S1: 0.8953
• S2: 0.8934
• S3: 0.8905

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