Overview :
- Depending on the previous events, the last double top has set at the level of 0.9222 and support is placed at 0.9060.
- Additionally, the USD/CHF pair has still been trapped between 0.9230 and 0.8080.
- Also, the key level is set at 0.9092 because it represents strong support and coincides with the last daily pivot point of the USD/CHF pair.
- Equally important, the first double top will be formed at the 0.9102 level, but it seems the price is going to break this level in order to continue towards the level of 0.9230. The level of 0.9230 will be resistance today.
- Hence, the market's range will be around 73 pips. As it is known, history will probably repeat itself at this level again.
- Therefore, it will be a good sign to buy above 0.9080 with the first target of 0.9230.
- Furthermore, it will call for an uptrend in order to continue its bullish movement towards 0.9260.
- However, the stop loss should never exceed your maximum exposure amounts, thus the stop loss should be placed below 0.9050, at the price of 0.9025.
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 August 5, 2014 . Thanks for your support on Technical analysis of USD/CHF for August 5, 2014
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