Weekly technical levels:
Forecast for the short term:
- According to the previous events, the price of USD/CHF pair has still been trapping between 0.9000 and 0.8845.
- Buy above 0.8845 with the first target of 0.8903, it might resume to 0.9 if the trend will be able to break the double bottom at the level of 0.8903.
- Stop loss should never exceed your maximum exposure amounts. therefore, stop loss should be placed below the 0.8823 level.
- If the trend is upward, then the strength of the currency pair will be defined as following: USD is in uptrend and CHF is in downtrend.
- Fibonacci retracement is used to determine accurate psychological levels of support and resistance. The period of time should be taken into account. Fibonacci is in a range trade; it looks like the trend is trapping and going up or down. If you sell or buy for a long term in this period, you will surely lose your profit.
- As a rule, the market is highly volatile if the last day had a huge volatility.
