USD/CHF: technical analysis for July 17, 2013
USD/CHF’s subsequent sharp fall suggests that decline from 0.9615 had resumed to test 0.9403. Moreover, the pair has already formed a strong support at this psychological level of 0.9300. As well as, it should be noted that the price has still been trapped between 0.9370 and 0.9425. Therefore, after it could not close below this psychological level as well the price has been set above it since a month, hence the market
started showing the signs of bullish market, so it is a good sign to buy above 0.9300 with the first target of 0.9410 and continue towards 0.9483 then 0.9555. However, if the trend breaks this level and there will be closure below it (0.9560), it will be a downside momentum which is rather convincing and the structure of the fall does not corrective. Thus, the market will indicate a bearish opportunity below 0.9560 then this level will be become a resistance, for that it will be a good sign to sell below 0.9560 with a target at 0.9345.
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