USD/CHF: technical analysis for August 13, 2013

 

 

Overview: 

USD/CHF:  The price has been set below strong resistance at the level of 0.9332 (100% of Fibonacci retracement levels in H1 chart). It should be noted that the price has still been trapped between 0.9330 and 0.9290. Moreover, it is worth noting that these levels are coinciding between 100% and 78% of Fibonacci retracement levels in H1 chart and the pair has already formed strong resistance at this level of 0.9332 and now it is approaching it in order to test it. Therefore, the Swissy’s downside momentum is rather convincing and the structure of the fall does not look corrective. In order to indicate a bearish opportunity below 0.9330 it will be a good sign to sell below 0.9330 with the first target of 0.9290 and it will call for downtrend in order to continue bearish towards 0.9250 next days in order to form double bottom at the level of 0.9242 . Furthermore, it should be noted that the price at 0.9242 will possible form strong support (it should also note that the level of 0.9242 is the weekly pivot point for August 12 – 16, 2013). So it will be saturation around 1.9250 – 1.9240 to rebound the pair, as well probably the market is going to start showing signs of bullish market. In other words, it will be a good sign to buy above the weekly pivot point at 0.9242 with the first target of 0.9310 and continue towards 0.9330.