Overview:
USD/CHF: The price has still been trapped between 0.9275 - 0.9300 as well as it has been set below strong resistance at the level of 0.9420 (this level is formed at the weekly pivot point for June 17 - 21, 2013). Additionally, it should be noted that these levels are coinciding between 23.6% and 00% of Fibonacci retracement levels in the H1 chart and the pair has already formed a strong resistance at this level of 0.9403 and it is now about to test it. Therefore, the Swiss franc will have a downside momentum which is rather convincing and the structure of the fall looks non-corrective. Moreover, the decline from 0.9403 should be resumed to 0.9185 (strong support will be set at 0.9185). In order to indicate a bearish opportunity below 0.9403, it will be a good sign to sell below 0.9400 with the first target at 0.9290 and it will call for the downtrend in order to continue a bearish movement towards 0.9228 (00% of Fibonacci retracement levels in the H1 chart). Furthermore, it also should be mentioned that the price at 0.9222 will possible form a double bottom and call for a strong support. Hence, saturation around 0.9185 will rebound the pair; meanwhile, it will probably show that the market is going to start showing the signs of a bullish trend. In other words, it will be a good sign to buy above 0.9185 with the first target of 0.9300 and continue towards 0.9380.
