Overview:
It should be noted that the price of the USD/CHF pair has still been trapped between 0.9133 and 0.92. The price has been set below strong resistance at the levels of 0.9230 (50% of Fibonacci retracement levels in H4 chart). Additionally, it is worth noting that these levels coincide between 61.8% and 38.2% of Fibonacci retracement levels in H4 chart; thereupon the pair has already formed strong resistance at this level of 0.9230, and it is now approaching it in order to test it. Therefore, the possibility that the Swissy will have a downside momentum is rather convincing and the structure of the fall looks not corrective. In order to indicate a bearish opportunity below 0.9230, in consequence it will be a good sign to sell below 0.9230 with the first target of 0.9125. It is equally important that it will call for downtrend in order to continue bearish trend towards 0.9050. On the other hand, it is also worthy of note that the price at 0.9021 will possibly form strong support (23.6% of Fibonacci retracement levels in H4 chart). Accordingly, saturation around 1.9025 to rebound the pair is likely to occur. Furthermore, it is possible that the market is going to start showing the signs of bullish market. Hence, it will be a good sign to buy above 0.9021 with the first target of 0.9093 and continue towards 0.9180.
Notes:
Support: 0.9023 Resistance: 0.9230
Intraday technical levels:
Date: 19/11/2013
Pair: USD/CHF
R3: 0.9240 R2: 0.9203 R1: 0.9168 PP: 0.9131 S1: 0.9096 S2: 0.9059 S3: 0.9024