Overview:
- It should be noted that the price of the USD/CHF pair has still been trapped between 0.9133 and 0.92.
- The price has been set below strong resistance at the levels of 0.9230 (50% of Fibonacci retracement levels in H4 chart).
- Additionally, it is worth noting that these levels coincide between 61.8% and 38.2% of Fibonacci retracement levels in H4 chart; thereupon the pair has already formed strong resistance at this level of 0.9230, and it is now approaching 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 not corrective.
- In order to indicate a bearish opportunity below 0.9230, in consequence it will be a good sign to sell below 0.9230 with the first target of 0.9125. It is equally important that it will call for downtrend in order to continue bearish trend towards 0.9050.
- On the other hand, it is also worthy of note that the price at 0.9021 will possibly form strong support (23.6% of Fibonacci retracement levels in H4 chart). Accordingly, saturation around 1.9025 to rebound the pair is likely to occur.
- Furthermore, it is possible that the market is going to start showing the signs of bullish market. Hence, it will be a good sign to buy above 0.9021 with the first target of 0.9093 and continue towards 0.9180.
Notes:
- Support: 0.9023
- Resistance: 0.9230
Intraday technical levels:
Date: 19/11/2013
Pair: USD/CHF
- R3: 0.9240
- R2: 0.9203
- R1: 0.9168
- PP: 0.9131
- S1: 0.9096
- S2: 0.9059
- S3: 0.9024
