Forecast:
Strong level (Resistance) will be formed at 0.9280 providing a clear signal for sell deals with the target seen at 0.9150 level. Stop-loss is to be placed above 0.9315.
Strong level (Support) will be formed at 0.9140 providing a clear signal for buy deals with the target seen at 0.9220 level. Stop-loss is to be placed below 0.9110.
Overview:
USD/CHF: It is necessary to consider that the price is still located between points of 0.9220 and 0.9315, i.e. above the strong resistance level of 0.9280. The pair has already formed a strong resistance at this level of 0.9280 and is presently approaching to the further testing. Therefore, the Swissie is expected to go downwards following the structure which does not look corrective and indicating the bearish opportunity below 0.9280 level. Sell deals are recommended below 0.9280 with the first target seen at 0.9200 level. Thus, the downtrend is likely to continue the bearish movement towards 0.9150 level. Moreover, it is crucial that the price has probably formed a strong support at 0.9140. The saturation is likely to take place around 0.9140. Therefore, it is possible that the market will start showing the signs of a bullish behavior. In other words, buy deals are recommended above 0.9140 with the first target seen at 0.9220 level and if the weekly support 1 (0.9280) will be broken successfully, then the pair will go further at 0.9330 level. It should be noted that the support 1 (0.9280) becomes a resistance after it is broken.
Weekly Pivot Points
R3: 0.9547
R2: 0.9489
R1: 0.9412
PP: 0.9354
S1: 0.9277
S2: 0.9219
S3: 0.9142
The material has been provided by Instaforex Company - instaforex.com
For detail explanation and best discovery on market trends you may visit via USD/CHF: Technical Analysis for October 18, 2012 . Thanks for your support on USD/CHF: Technical Analysis for October 18, 2012
No comments:
Post a Comment