USD/CHF technical analysis for January 16, 2013
Range: 177 pips (Weekly).
USD/CHF: It is necessary to consider that the price is still located between points of 0.9255 and 0.9315 (It is currently around the price of 0.9305.), i.e. above the strong resistance level of 0.9360. The pair has already formed a strong resistance at the level of 0.9360 and is presently approaching the further testing. Therefore, the Swissie is expected to go downwards following the structure which does not look corrective, indicating the bearish opportunity below the 0.9360 level. Sell deals are recommended below 0.9360 with the first target seen at the 0.9275 level. Thus, the downtrend is likely to continue the bearish movement towards the 0.9240 level. Moreover, it is crucial that the price has probably formed a strong support at 0.9240. The saturation is likely to take place around 0.9240 (0.9244: the weekly Support 1). Therefore, it is possible that the market
will start showing the signs of bullish behaviour. In other words, Buy deals are recommended above 0.9240 with the first target seen at the 0.9300 level and if this level is broken, then the pair will go further to the 0.9360 level (R2: 0.9353). It should be noted that the resistance becomes a support after it is broken.
0.93390, 0.92940, and 0.9166
0,89850, 0.90580, and 0.9101
Volatility: 162.80, therefore the market indicates the higher volatility
Variation = Average * (Higher – Lower)
If you have any questions or requests, please feel free to contact me: firstname.lastname@example.org.
The material has been provided by Instaforex Company – instaforex.com