Range: 127 pips (weekly).
Overview:
USD/CHF: It is necessary to consider that the price is still located between the points of 0.9235 and 0.9275 (it is currently around the 0.9245 price), i.e. above the strong resistance level of 0.9280. The pair has already formed a strong resistance at the level of 0.9280 and is presently approaching the further testing. Therefore, the Swissie is expected to go downwards following the structure which does not look corrective, indicating a bearish opportunity below the 0.9280 level. Sell deals are recommended below 0.9280 with the first target seen at the 0.9240 level. Thus, the downtrend is likely to continue the bearish movement towards the 0.9210 level. Moreover, it is crucial that the price has probably formed a strong support at 0.9210. The saturation is likely to take place around 0.9210 (0.9208: 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 0.9200 with the first target seen at the 0.9240 level and if this level is broken, then the pair will go further to the 0.9279 level (the weekly pivot point). It should be noted that the resistance becomes a support after it is broken.
Strong levels:
0.94010, 0.93630, 0.9288
0.91470, 0.91940, 0.9242
Volatility: 117.93, therefore the market indicates higher volatility
Volatility formula:
Variation = Average * (Higher - Lower)
If you have any questions or requests, please feel free to contact me: mourad.elkeddani@analytics.instaforex.com.
