Technical analysis of USD/CHF for December 30, 2015

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Overview:

  • According to the previous events, the pUSD/CHF pair is going to move between the level of 0.9992 and 0.9849. Hence, we expect a range of 143 pips. The resistance is seen at the level of 0.9992 for two weeks. Equally important, the support is found at 0.9849. Consequently, the market will indicate a bearish opportunity below 0.9992, because the level of 0.992 is going to act as strong resistance. Therefore, sell below this level today with the first target at 0.9913 in order to try to break the weekly pivot point in the H4 chart. Furthermore, if the trend manages to close below 0.9913, then the market will be continuing in a downtrend below the weekly pivot point towards the level of 0.8949. Also it should be noted that the double bottom is set at the point of 0.9785.

Technical levels:

  • R3: 1.0120
  • R2: 1.0056
  • R1: 0.9992
  • PP: 0.9912
  • S1: 0.9849
  • S2: 0.9785
  • S3: 0.9731

The material has been provided by InstaForex Company – www.instaforex.com

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