Technical analysis of USD/CHF for July 22, 2015 Market Analysis Review

Overview:

• According to the previous events, we expect a range about 86 pips in coming hours. The USD/CHF pair is still moving between 0.9560 and 0.9646. So, a breakout is seen in a ratio of 61.8% Fibonacci retracement level (0.9527: the double bottom in the daily chart). But the key level is set at 0.9579 because it represents strong support and coincides with the 78.6% Fibonacci retracement level. As it is known, history will probably repeat itself at this level again. Therefore, it will be a good sign to buy above 0.9527/0.9579 with the first target at 0.9648 in order to test the double top. If the market managese to break the double top at 0.9648, it will call for an uptrend with a view to continue its bullish movement towards 0.9683 to form a new double top. On the other hand, the stop loss should never exceed your maximum exposure amounts. Consequently, the stop loss should be placed below the double bottom at the level of 0.9502.

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