USD/CHF weekly technical levels for August 19 – 23, 2013

Weekly technical levels: 

 

Trading recommendations: 

According to the previous events, the price of the USD/CHF pair is still between the levels of 0.9170 and 0.9216. Moreover, it should be noted that the market was so stable and trend was also too clear (downward), as well as a range was around 190 pips last week. Additionally, the value of 50% Fibonacci retracement levels is: (High + Low) / 2 = 0.9305 for that the key level of 0.9305 is represented for an downtrend to confirm a bearish market. Therefore, sell deals are recommended below the 0.9305 level with targets at 0.9188 in order to form double bottom at this level, and it will resume towards 0.9113 to test the weekly support 2. 

Intraday technical levels:

Date: 20/08/2013

Pair: USD/CHF 

Projected High: 0.9659 

Breakout (Buy Stop): 0.9604 

Strong Resistance (Sell Limit): 0.9574 

Strong Support (Buy Limit): 0.9037 

Breakout (Sell Stop): 0.9012 

Projected Low: 0.8962