Overview:
USD/CHF's subsequent sharp fall suggests that decline from 0.9837 since a month and had resumed to 0.9620 (it will be formed a strong support). Moreover, it should be noted that the price has still been trapped between 0.9760 -- 0.9683 and the price has been set below strong resistance at the levels of 0.9837/0.98. As well as, it is noting that these levels are coinciding between 100% and 78% of Fibonacci retracement levels on H4 chart and the pair has already formed a strong resistance at this level of 0.98 and it is now approaching from it in order to test it. Therefore the Swissy will be a downside momentum is rather convincing and the structure of the fall looks is not corrective, in order to indicate a bearish opportunity below 0.9837/0.98 for that it will a good sign to sell below 0.98 with a first target of 0.9750 and it will call for downtrend in order to continue bearish towards 0.9620. Furthermore, it also have to note that the price at 0.9620 will be possible formed double bottom for July 8 - 12, 2013 and it is calling for a strong support. So it will be saturation around 0.9620 to rebound the pair, additionally it will probably that the market is going to start showing the signs of bullish market. On the other hand, it will be a good sign to buy above 0.9620 with a first target of 0.9763 and continue towards 0.9815.
Happy Ramadan!
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