Technical analysis of USD/CHF for July 31, 2015

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Overview:

  • Due to the previous events, the The USD/CHF pair is still trading between the levels of 0.9660 and 0.9718 (the double top), so it is recommended to be careful while making deals in this area. Therefore, it is necessary to wait until the uptrend channel is passed through. Then the market will probably show signs of a bullish trend. In other words, buy deals are recommended above 0.9660 with the first target at the level of 0.9715. A top bottom is likelty to be formed at the level of 0.9715 in the H1 chart. Moreover, the level of 0.9715 represents the weekly resistance on July 31, 2015. So, if the trend manages to break the level at 0.9720, buy at 0.9720 again with the second target at 0.9760 and with a view to call for an uptrend in order to continue its bullish movement towards 0.9760. At the same time, the stop loss should be placed at the level of 0.9627.

Notes:

  • The double top will set at the level of 0.9718.
  • The major support is seen at 0.9660.
  • The price hit the weekly pivot point and the resistance 1 yesterday.
  • We expect a range of 58 pips this week.

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

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