Overview:
USD/CHF's subsequent sharp fall suggests that a decline from 0.9367 had resumed to test 0.9300. It should be noted that a range will be around 55 pips, as well as the volatility is calculated 100,42therefore the market indicates the higher volatility. Moreover, the pair has already formed a strong support at this level of 0.9203. It should also be noted that the price has still been trapped between 0.9355 and 0.9300. Therefore, after it could not close below this level and as the price has been set above it for weeks, the market started showing bullish signs, so it is a good sign to buy above 0.9213 with the first target of 0.9290 and continue towards 0.93600. However, if the trend breaks this level and there will is closure below it (0.9360), it will be a downside momentum which is rather convincing and the structure of the fall is not corrective. Thus, the market will indicate a bearish opportunity below 0.9363, then this level will be become a resistance, for that it will be a good sign to sell below 0.9363 with a target at 0.9240.
Intraday technical levels:
Date: 31/07/2013
Pair: USD/CHF
Projected High: 0.9459
Breakout (Buy Stop): 0.9404
Strong Resistance (Sell Limit): 0.9374
Current Pivot: 0.9298
Strong Support (Buy Limit): 0.9221
Breakout (Sell Stop): 0.9196
Projected Low: 0.9146
