USD/CHF: The price is probably going to form a strong support at 0.8970 (above 00% of Fibonacci retracement levels in the daily chart, it has formed the last bearish wave for the last week and the level of 0.8970 acts as strong support, as well as it should notice that the double bottom will set at the level of 0.8967). The saturation is likely to take place around 0.8970 because this level also forms the first strong support for October 11, 2013. Therefore, it is possible that the market will start showing bullish signs. In other words, buy deals are recommended above 0.8970 with the first target seen at the 0.9115 level and further at the 0.9175 level. Thus, it should be noted that the level of 0.9185 is strong resistance.
Notes:
It should be noted that the price may be trapped between: 0.9170 and 0.9053 today.
The value of 23.8% Fibonacci retracement levels is: 0.9172 and the daily pivot point is set at the same level.
Range: 80 pips (risk of 119 pips must make a profit of 120).
RSI: it is called for downtrend and it also should be noted that it is still below 50 in daily chart.
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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