Overview:
- The price of the USD/CHF pair is still moving between 0.9851 and 0.9956. The key level has been set at the spot of 0.9851 since yesterday. The level of 0.9851 is representing the 78.6% of Fibonacci retracement levels and the price has been set above the strong support of 0.9851. These levels are coinciding with 78.6% and 100% of Fibonacci retracement levels on the same chart. The pair has already formed a strong resistance at this level of 0.9956 and it is now approaching it in order for testing. Therefore, the USD/CHF pair will receive downside momentum, which is rather convincing. The structure of the fall is not corrective. It will be a good sign to sell below 0.9956 with a first target of 0.9900 and it will call for a downtrend in order to continue with bearish movements towards 0.9856 and then towards 0.9825. Moreover, the price at 0.9825 will possibly form a strong support. So, there will be a saturation around 0.9825 to rebound the pair for that the market is going to start showing the signs of bullish market in the long term.
Forecast:
- As a result, it will be a good sign to buy above 0.9825 with the first target of 0.9880 and continue towards the level of 0.9950.
For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of USD/CHF for November 3, 2015 . Thanks for your support.
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