Weekly technical levels:
Trading recommendations:
- It should be noted that if the trend is ascending, then the strength of the currency will be defined as following: USD is in uptrend and CHF is in downtrend.
- Additionally, according to the previous events, the price of the USD/CHF pair has still been trapped between 0.8860 and 0.8820. The resistance has already set at the level of 0.8895. Therefore, it will be of the insight to sell in this area (0.8895) with the first target at 0.8836 in order to try to break the weekly pivot point, then the price will be able to continue in downtrend towards 0.8777 (at the level of 0.8777, a double bottom is going to be formed in H1 chart). On the other hand, the stop losses should be placed above 0.8900.
Technical levels:
- R3: 0.9046
- R2: 0.8988
- R1: 0.8894
- PP: 0.8836
- S1: 0.8742
- S2: 0.8684
- S3: 0.8590
Note:
- It should note if there is no significant news to influence, the market price will be moving from pivot point to resistance 1 or support 1. But if there is significant news to influence, the market price may go straight through resistance 1 or support 1 and reaches resistance 2 or support 2 and even resistance 3 or support 3.
