Forecast:
Range: 212 pips (Weekly).
Overview:
USD/CHF: It is necessary to consider that the price is still located between points of 0.9255 and 0.9171 (It is currently around the price of 0.9215.), i.e. above the strong resistance level of 0.9340. The pair has already formed a strong resistance at the level of 0.9340 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 0.9340 level. Sell deals are recommended below 0.9340 with the first target seen at the 0.92750 level. Thus, the downtrend is likely to continue the bearish movement towards the 0.9125 level. Moreover, it is crucial that the price has probably formed a strong support at 0.9120. The saturation is likely to take place around 0.9120 (0.9123: the weekly Support 1). Therefore, it is possible that the market will start showing the signs of bullish behaviour. In other words, Buy deals are recommended above 0.9123 with the first target seen at the 0.9180 level and if the weekly Pivot Point 1 (0.9213) is broken, then the pair will go further to the 0.9335 level (R1: 0.9335). It should be noted that the resistance becomes a support after it is broken.
Strong Levels:
0.9436 - 0.9354 - 0.9285
0.9012 - 0.9071 - 0.9207
If you have any questions or requests, please feel free to contact me: mourad.elkeddani@analytics.instaforex.com.
