Overview:
- The trend of USD/CHF pair has been ascending since yesterday, the strength of the currency will be defined as follows: 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 0.8777 and 0.8823. Moreover, it should be noted that the resistance has already set at the level of 0.8840 on April 15, 2014. Therefore, it will be of the insight to sell in this area (0.8840) with the first target at 0.8810 in order to try to break the minor support, then the price will be able to continue in downtrend towards 0.8775 (at the level of 0.8763, a double bottom is going to be formed in H1 chart). On the other hand, the stop losses should be placed above 0.8860.
Notes:
- Major support for April 15, 2014: 0.8760
- Major resistance for April 15, 2014: 0.8840
- We expect a new range about 63 pips today and 120 this week.
- The level of 0.8758 will confirm the bullish market.
