Range: 231 pips (weekly).
Overview:
USD/CHF: It is necessary to consider that the price is still located between the points of 0.9380 and 0.9440 (it is currently around the 0.9400 price), i.e. above the strong resistance level of 0.9515. The pair has already formed a strong resistance at the level of 0.9515 and is presently approaching the further testing. Therefore, the Swissie is expected to go downwards following the structure which does not look corrective, indicating a bearish opportunity below the 0.9515 level. Sell trades are recommended below 0.9520 with the first target seen at the 0.9460 level. Thus, the downtrend is likely to continue the bearish movement towards the 0.9411 level. Moreover, it is crucial that the price has probably formed a strong support at 0.9373. The saturation is likely to take place around 0.9400 (0.9373: the weekly pivot point). Therefore, it is possible that the market will start showing the signs of bullish behaviour. In other words, buy deals are recommended above 0.9380 with the first target seen at the 0.9466 level and if this level is broken, then the pair will go further to the 0.9516 level (the weekly R1). It should be noted that the resistance becomes a support after it is broken.
Strong levels:
0,96220,95270,9469
0,91600,92190,9385
Volatility: 215.90, therefore the market indicates higher volatility
Volatility formula:
Variation = Average * (Higher - Lower)
If you have any questions or requests, please feel free to contact me: mourad.elkeddani@analytics.instaforex.com.