Overview :
- The resistance has broken at the level of 0.8870. Also, it should be noted that the level of 0.8870 is representing the ratio of 50% Fibonacci retracement levels. Moreover, the level of 0.8870 is going to become support this week. So, according to previous events, the price of USD/CHF pair will move between the price of 0.8870 and the 0.8950 price. Additionally, the psychological level has set at the 0.9030 price because it is representing a strong resistance. Also, the double top will set at the 0.9035 price on June 23, 2014. Therefore, it will be of the wisdom to buy above the price of 0.8870 with the first target at 0.9066 and 0.9000.
- Equally important, the price of the USD/CHF pair is going to try to break the minor resistance to call for the bullish market above 0.9000. Hence, the price will be continued towards the double top (0.9035). On the other hand, the stop loss should always be taken into account, thus it will be of the foresight to set your stop loss at the 0.8830 price.
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 June 23, 2014 . Thanks for your support on Technical analysis of USD/CHF for June 23, 2014
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