Overview:
- The price of the USD/CHF pair is supposedly going to form strong support at the level of 0.9566 (00% of Fibonacci retracement levels in the H1 chart, it had formed the last bearish wave last week). It should be noted that the price is going to form a double bottom at this level, but the level of 0.9420 acts as strong support because it is representing the first weekly support. So, the saturation is likely to take place around 0.9420 - 0.9460; moreover, the RSI indicators are also going to call for an uptrend at the same level we indicated above. Therefore, it is possible that the market will start showing bullish signs. In other words, buy deals are recommended above 0.9420 - 0.9460 with the first target seen at the 0.9570 level and further at the 0.9615 level to test the previous weekly pivot point. Thus, it also should be noted that the level of 0.9602 is going to form a minor resistance 1.9602: (61.8% of Fibonacci retracement levels) on October 14, 2014. Additionally, the level of 0.9640 will act as a major resistance.
Intraday technical levels:
Date: 14/10/2014
Pair: USD/CHF
- R3: 0.9648
- R2: 0.9611
- R1: 0.9543
- PP: 0.9506
- S1: 0.9438
- S2: 0.9401
- S3: 0.9333
