Weekly technical levels of USD/CHF for March 25-28, 2014

Weekly technical levels:

Observations:

• If the trend is upward, then the strength of the currency will be defined as following: USD is in an uptrend and CHF is in a downtrend.
• Fibonacci retracement is used to determine accurate psychological levels of support and resistance. The period of time should be taken into account.
• Fibonacci is in a range trade; it looks like the trend is trapped and going up or down. If you sell or buy in the long term, you will surely lose your profit.
• Stop loss should never exceed your maximum exposure amounts.
• As a rule, the market is highly volatile if the prior day had huge volatility.

Notes:

• Major support for March 25, 2014: 1.6570
• Major resistance for March 25, 2014: 1.6853
• We expect a new range about 65 pips today and 133 this week.
• It should be noted that if there is no significant news to influence, the market price will be moving from pivot point to resistance 1 or support 1. But if there is significant news to influence, the market price may go straight through resistance 1 or support 1 and reach resistance 2 or support 2 and even resistance 3 or support 3.

Technical levels:

Date and Time: 25/03/2014 08:07

Pair: USD/CHF

• Projected high: 0.9108
• Breakout (buy stop): 0.9053
• Strong resistance (sell limit): 0.9023
• Current pivot: 0.8791
• Strong support (buy limit): 0.8558
• Breakout (sell stop): 0.8533
• Projected low: 0.8483

The material has been provided by InstaForex Company – www.instaforex.com