Overview:
- The USD/CHF pair is going to set strong support at the level of 0.9550 which represents the weekly support 1. Equally important, the price is still moving between 0.9565 and 0.9615 (the weekly pivot point on October 7, 2014). Also, the USD/CHF pair has still been above 38.2% of Fibonacci retracement levels for a while. As a result, the price has already formed the strong support at this level of 0.9550 and it is going to come around it in order to test it. Therefore, the USD/CHF pair will get a upside momentum rather convincing and the structure of the fall does not look corrective, for indicating a bullish opportunity above the the weekly support 1 level (0.9550). It will be a good sign to buy above this level with a first target of 0.9615 (this level is coinciding with the weekly pivot point this week) and it will call for an uptrend in order to continue bullish towards 0.9683. Additionally, the price of 0.9683 would form the double top. Moreover, the range of USD/CHF pair will be about 190 pips this week. On the other hand, the stop loss should always be taken into account, thus it will of the sagacity to set your stop loss at the price of 0.9505.
