Daily pivot point: 0.8870
Overview:
- The price of USD/CHF pair has set above the level of 0.8003 (00% of Fibonacci retracement levels in H4 chart). Furthermore, this level is coinciding with the double bottom. Additionally, the pair has already formed a strong support at the 0.8003 price and it is now approaching it in order to test it. On the other hand, the resistance will be set at 0.8935. For that we expect a range about 135 pips this week and the saturation will be around the spot of 0.8935. Therefore, the downside momentum of the pair is rather convincing and the structure of the fall does not look corrective. Consequently, sell at the 0.8935 price with the first target at the 0.8850 price, then it will call for downtrend in order to continue its bearish movement towards 0.8800 to test the double bottom. At the same time, the stop loss should be placed at the level of 0.8975.
Intraday technical levels:
- R3: 0.8925
- R2: 0.8907
- R1: 0.8888
- PP: 0.8870
- S1: 0.8851
- S2: 0.8833
- S3: 0.8814
