Overview:
Probably, a strong resistance level of the USD/CHF pair will be set at the level of 0.9050 (below the 127.2% Fibonacci retracement level in the 1H chart). But a double top has been formed at the 0.9036 price. The latest bearish wave for the last month was created, and the level of 0.9050 became strong resistance. So, the saturation is likely to take place around 0.9050, because this level is the second strong support (the previous minor resistance level was set at 0.9010). Therefore, it is possible that the market will start showing bearish signs from the spot of 0.9050 or 0.9030. Inn the other words, short positions are recommended below 0.9050/0.9030 with the first target at the 0.9010 level and further at the 0.8967 level. The stop loss should be placed at 0.9080.Intraday technical levels:
Date:22/07/2014
Pair:USD/CHF
R3: 0.9062 R2: 0.9038 R1: 0.9025 PP: 0.9001 S1: 0.8988 S2: 0.8964 S3: 0.8951