As expected, the Swissy could not break the major resistance at the level of 0.9495 for the pair has rebounded on its resistance, it might resume to 0.9370 (major resistance). Moreover, if the trend can break this level of 0.9370 easily, then a bearish trend will start from the level of 0.9370 and it will resume towards a support at 0.9275.
Daily trading recommendations:
According to the previous events, the price has still been trapped between 1.9380 and 1.5440.
Long buying:
Buy above 1.9275 with the first target of 1.9360, it might resume to 1.9443.
Short selling:
Outlook 1: Swing trade at 1.9495 in order to sell with a traget of 1.9370.
Outlook 2: Below 1.9370 look for further downside with 1.9310 and 1.9280 targets.
Intraday technical levels:
Date & Time: 24/07/2013 04:29
Pair: USD/CHF
R3: 0.9460
R2: 0.9433
R1: 0.9396
PP: 0.9369
S1: 0.9332
S2: 0.9305
S3: 0.9268
Legend:
PP stands for pivot point.
S stands for support.
R stands for resistance.
The material has been provided by InstaForex Company – www.instaforex.com
The material has been provided by InstaForex Company – www.instaforex.com
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