Overview:
The USD/CHF has already formed a strong resistance at this level of 0.9597 and it is now approaching it in order to test it. Therefore, the Swissy will have a downside momentum, it is rather convincing, and the structure of the fall looks not corrective, in order to indicate a bearish opportunity below 0.9600 (the weekly resistance 1) for it will be a good sign to sell below 0.9597 with the first target at 0.9572 (the daily pivot point) and it will call for downtrend in order to continue bearish movement towards 0.9410. Furthermore, the price at 0.9400 will possibly form a strong support. Thus, there will be saturation around 1.9400 to rebound the pair, and it will probably mean that the market is going to start showing bullish signs. In other words, it will be a good sign to buy above 0.9410 with the first target of 0.9460 and continue towards 0.9523.
Intraday technical levels:
Date: 31/05/2013
Pair:USD/CHF
R3: 0.9733
R2: 0.9692
R1: 0.9613
PP: 0.9572
S1: 0.9493
S2: 0.9452
S3: 0.9373
Notes:
- Range:120pips
- The value of 50% Fibonacci retracement levels is: 0.9590
- Volatility: 115.08 therefore, the market indicates the higher volatility. (Volatility Formula: Variation = Average * (Higher - Lower)).
