Forecast:
Strong level (Resistance) will be formed at 0.9430 providing a clear signal for sell deals with the target seen at 0.9320 level. Stop loss is to be placed above 0.9475.
Strong level (Support) will be formed at 0.9240 providing a clear signal for buy deals with the target seen at 0.9380 level. Stop loss is to be placed below 0.9200.
Overview:
USD/CHF: It is necessary to consider that the price is still located between points of 0.9320 and 0.9370, i.e. above the strong resistance level of 0.9430. The pair has already formed a strong resistance at this level of 0.9430 and is presently approaching to the further testing. Therefore, the Swissie is expected to go downwards following the structure which does not look corrective and indicating the bearish opportunity below 0.9430 level. Sell deals are recommended below 0.9430 with the first target seen at 0.9390 level. Thus, the downtrend is likely to continue the bearish movement towards 0.9320 level. Moreover, it is crucial that the price has probably formed a strong support at 0.9240. The saturation is likely to take place around 0.9240. Therefore, it is possible that the market will start showing the signs of a bullish behavior. In other words, buy deals are recommended above 0.9240 with the first target seen at 0.9280 level and if the weekly pivot point (0.93220) will be broken successfully, then the pair will go further at 0.9380 level. It should be noted that the resistance becomes a support after it is broken.
Weekly Pivot Points:
R3: 0.9518
R2: 0.9445
R1: 0.9395
PP: 0.9322
S1: 0.9272
S2: 0.9199
S3: 0.9149
The material has been provided by Instaforex Company - instaforex.com
For detail explanation and best discovery on market trends you may visit via USD/CHF: Technical Analysis for October 30-31, 2012 . Thanks for your support on USD/CHF: Technical Analysis for October 30-31, 2012
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