Technical analysis of USD/CHF for May 20, 2015 Market Analysis Review

Overview:

• The USD/CHF pair is going to find strong supports at the levels of 0.9260 and 0.9340; on the other hand, the resistance is likely to be faced at 0.9462 and 0.9503. The price is going to move between 0.9340 and 0.9475 in coming hours. As a result, the price has already formed the minor support at the level of 0.9340 and now is approaching it in order to test it. Therefore, the USD/CHF pair will get a rather convincing upside momentum and the structure of the increment does not look corrective, indicating a bullish opportunity above the level of 0.9340. It will be a good sign to buy above 0.9340 with the first target at 0.9405 (this level is coinciding with the daily pivot point today). It will also call for the uptrend in order to continue bearish move towards 0.9470. The price is at 0.9470 to form a new double top.
• However, the stop loss should always be taken into account, thus it will be reasonable to set your stop loss at the price of 0.9223.

Notes:

• We expect a range about 58 pips today.
• The value of 50% Fibonacci retracement levels is 0.9467.
• The weekly pivot point will be set at the level of 0.9250.
• The level of 0.9262 will confirm the bullish market.

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