Forecast:
Range: 86 pips (Weekly).
Overview:
USD/CHF: It is necessary to consider that the price is still located between points of 0.9180 and 0.9130 (It is currently around the price of 0.9170), i.e. above the strong resistance level of 0.9234. The pair has already formed a strong resistance at the level of 0.9234 and is presently approaching the further testing. Therefore, the Swissie is expected to go downwards following the structure which does not look corrective, indicating the bearish opportunity below the 0.9234 level. Sell deals are recommended below 0.9234 with the first target seen at the 0.9180 level. Thus, the downtrend is likely to continue the bearish movement towards the 0.9140 level. Moreover, it is crucial that the price has probably formed a strong support at 0.9140. The saturation is likely to take place around 0.9140 (0.9137: the weekly Pivot point). Therefore, it is possible that the market will start showing the signs of bullish behaviour. In other words, Buy deals are recommended above 0.9140 with the first target seen at the 0.9180 level, and if the weekly support 1 (0.9180) is broken, then the pair will go further to the 0.9223 level (R2: 0.9322). It should be noted that the resistance becomes a support after it is broken.
If you have any questions or requests, please feel free to contact me: mourad.elkeddani@analytics.instaforex.com.
