Overview:
The USD/CHF pair has still been trapped between 0.9530 - 0.9460 (the price is at 0.9480 for 12 hours), as well as the price has been consolidated below strong resistance at the levels of 0.9570 (61.8% of Fibonacci retracement levels on H4 chart). Additionally, it is worth noting that these levels coincide between 61.8% and 38.2% of Fibonacci retracement levels on H4 chart, thereupon the pair has already formed a strong resistance at this level of 0.9570 and it is now approaching from it in order to test it. Therefore, the possibility that the Swissy will have a downside momentum is rather convincing and the structure of the fall looks is not corrective. In order to indicate a bearish opportunity below 0.9570, it will a good sign to sell below 0.9570 in consequence with the first target at 0.9480. Equally important, it will call for downtrend in order to continue bearish towards 0.9425. On the other hand, it is also worthy of note that the price at 0.9400/09410 will possibly form the strong support (38.2% of Fibonacci retracement levels on H4chart). Accordingly, there is likely to be a saturation around 1.94 to rebound the pair. Furthermore, it is possible that the market is going to start showing the signs of the bullish market. Hence, it will be a good sign to buy above 0.94 with a first target of 0.9473 and continue towards 0.9530.
Intraday technical levels:
Date & Time:4/07/2013 12:46
Projected High:0,9683
Breakout (Buy Stop):0,9628
Strong Resistance (Sell Limit):0,9598
Current Pivot:0,9484
Strong Support (Buy Limit):0,9370
Breakout (Sell Stop):0,9345
Projected Low:0,9295
