Forecast:
Strong level (Resistance) will be formed at 0.9330 providing a clear signal for sell deals with the target seen at 0.9270 level. Stop loss is to be placed above 0.9375.
Strong level (Support) will be formed at 0.9240 providing a clear signal for buy deals with the target seen at 0.9325 level. Stop loss is to be placed below 0.9203.
Range: 95 pips (Weekly).
Overview:
USD/CHF: It is necessary to consider that the price is still located between points of 0.9297 and 0.94250, i.e. above the strong resistance level of 0.9330. The pair has already formed a strong resistance at this level of 0.9330 and is presently approaching to the further testing. Therefore, the Swissie is expected to go downwards following the structure which does not look corrective and it is indicating the bearish opportunity below 0.9330 level. Sell deals are recommended below 0.9330 with the first target seen at 0.9295 level. Thus, the downtrend is likely to continue the bearish movement towards 0.9255 level. Moreover, it is crucial that the price has probably formed a strong support at 0.9240. The saturation is likely to take place around 0.9236 (0.9236: the weekly support 1). Therefore, it is possible that the market will start showing the signs of a bullish behavior. In other words, buy deals are recommended above 0.9240 with the first target seen at 0.9290 level and if the weekly pivot point (0.9288) is broken successfully, then the pair will go further at 0.9330 level (R1: 0.9331). It should be noted that the resistance becomes a support after it is broken.
Weekly Pivot Points:
R3: 0.9426
R2: 0.9383
R1: 0.9331
PP: 0.9288
S1: 0.9236
S2: 0.9193
S3: 0.9141
If you have any questions or requests, please feel free to contact me: mourad.elkeddani@analytics.instaforex.com.
