- The weekly pivot point: 0.8809
Overview:
- The USD/CHF pair is going to set strong resistance at the level of 0.8866 and support at 0.8730. Equally important, the price is still moving between 0.8810 and 0.8760. Also, the USD/CHF pair has still been below 61.8% of Fibonacci retracement levels since March 6, 2014. As a result, the price has already formed the strong resistance at this level of 0.8866 and it is now approaching it in order to test it. Therefore, the Swissy will get a downside momentum rather convincing and the structure of the fall does not look corrective, for indicating a bearish opportunity below the 0.8866 level for that it will a good sign to sell below 0.8866 with a first target of 0.8809 (this level is coinciding with the weekly pivot point for March 10- 14, 2013) and it will call for downtrend in order to continue bearish towards 0.8933. Additionally, the price is at 0.8756 to test the double bottom. On the other hand, the stop loss should always be taken into account, thus it will of the wisdom to set your stop loss at the price of 0.8890.
Technical levels:
Date and Time: 11/03/2014 08:39
Pair: USD/CHF
- R3: 0.9000
- R2: 0.8947
- R1: 0.8862
- PP: 0.8809
- S1: 0.8724
- S2: 0.8671
- S3: 0.8586
