Overview:
- According to the previous events, the USD/CHF pair has still been moving between 0.9370 and 0.9320. It should be noted that the key level is set at the level of 0.9303 because it represents strong support and it coincides with the last weekly pivot point. Equally important, the double top will be formed at the 0.8868 level but it seems the price is going to break this level in order to continue towards the level of 0.9395. As it is known, history will probably repeat itself at this level again. Therefore, it will a good idea to sell below 0.9390 with the first target of 0.9333. It will call for a downtrend in order to continue its bearish movement towards 0.9303.
Notes:
- The resistance will set at the level of 0.9385 this week.
- The double top is going to set at the 0.9395 price.
- The area of 0.9390 is useful spot to sell in the long term.
- We expect a range of 60 pips on September 16 2014.
