Overview :
- The support has broken at the level of 0.8812. The last weekly pivot point has set at the same price (0.8817). So, the level of 0.8817 is going to become resistance on May 1, 2014. Additionally, the psychological level has set at the 0.8812 price because it is representing teh weekly pivot point. Also, the breakout was set at the 0.8812 price. Therefore, it will of the wisdom to sell below the price of 0.8812 with a target at 0.8770 today. Equally important, the price of the USD/CHF pair is going to try to break the minor support to call for the bearish market below 0.8770. Hence, the price will be continued towards the double bottom around the price of 0.8763. On the other hand, the stop loss should always be in account, thus it will be of the wisdom to set your stop loss at the 0.8830 price.
Notes :
- It should be noted that if there is no significant news to influence, the market price will be moving from pivot point to resistance 1 or support 1. But if there is significant news to influence, the market price may go straight through resistance 1 or support 1 and reaches resistance 2 or support 2 and even resistance 3 or support 3.
- The resistance will set at the level of 0.8812 this week.
- The double bottom is going to set at the 0.8763 price.
- The major support has already set at the level of 0.873.
- The area of 0.8740 is useful spot to buy in the long term.
- We expect a small range of 55 pips on May 1, 2014.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Technical analysis of USD/CHF for May 1, 2014 . Thanks for your support on Technical analysis of USD/CHF for May 1, 2014
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