USD/CHF technical analysis for May 22, 2013

Overview: 

USD/CHF: It should be noted that the price has still been trapped between 0.9720 and 0.9670 and below strong resistance at the level of 0.9760 (100% of Fibonacci retracement levels in H1 chart). Moreover, it should be said that these levels are coinciding between 61.8% and 100% of Fibonacci retracement levels in H1 chart, and the pair has already formed a strong resistance at this level of 0.9760 and it is now approaching it in order to test it. Therefore, the Swissy will have a downside momentum, it is rather convincing, and the structure of the fall looks not corrective, in order to indicate a bearish opportunity below 0.9815 (the weekly resistance 1) for it will be a good sign to sell below 0.9815 with the first target at 0.9760 and it will call for downtrend in order to continue bearish movement towards 0.9670 (the weekly pivot point). Furthermore, the price at 0.9575 will possibly form a strong support (23.6% of Fibonacci retracement levels in H1 chart). So there will be saturation around 1.9600 to rebound the pair, and it will probably mean that the market is going to start showing bullish signs. In other words, it will be a good sign to buy above 0.9575 with the first target of 0.9640 and continue towards 0.9733.