USD/CHF technical analysis for July 2, 2013

 

Overview: 

It should be noted that the price of USD/CHF’s pair has still been trapped between 0.9520 – 0.9470, as well as the price has been set below strong resistance at the levels of 0.9570 (61.8% of Fibonacci retracement levels on H4 chart). Additionally, it is worth noting that these levels coincidу between 61.8% and 38.2% of Fibonacci retracement levels on H4 chart, thereupon the pair has already formed a strong resistance at this level of 0.9570 and it is now approaching from it in order to test it. Therefore, the possibility that Swissy will have a downside momentum is rather convincing and the structure of the fall looks is not corrective. In order to indicate a bearish opportunity below 0.9570, in consequence it will a good sign to sell below 0.9570 with a first target of 0.9480. Equally important, it will call for downtrend in order to continue bearish towards 0.9425. On the other hand, it is also worthy of note that the price at 0.9400/09410 will possible form a strong support (38.2% of Fibonacci retracement levels on H4chart). Accordingly,  there is likely to be a saturation around 1.94 to rebound the pair. Furthermore it is possible that the market is going to start showing the signs of bullish market. Hence, it will be a good sign to buy above 0.94 with a first target of 0.9473 and continue towards 0.9530.