Trading recommendations:
The USD/CHF pair is going to move between the prices of 0.9102 and 0.8950. It should be noted that the key level is set at the level of 0.8950 because it represents a strong support and it coincides with the weekly pivot point. Additionally, we expect a sideways trend on July 30, 2014 and a range around 152 pips from now to the 1st of August 2014. Equally important, the double top will be formed at the 0.9125 level but it seems the price is going to break this level in order to continue towards the level of 0.9160. As it is known, history will probably repeat itself at this level again. Therefore, it will a good sign to sell below 0.9160 with the first target of 0.9100. It will call for a downtrend in order to continue its bearish movement towards 0.9045. On the other hand, the stop loss should never exceed your maximum exposure amounts, consequently the stop loss should be placed above 0.9160 at the price of 0.9185.Notes:
It should be noted that if there is no significant news to influence, the market price will be moving from the pivot point to resistance 1 or support 1. But if there is significant news to influence, the market price may go straight through resistance 1 or support 1 and reaches resistance 2 or support 2 and even resistance 3 or support 3. The resistance will set at the level of 0.9160 this week. The double top is going to set at the 0.8950 price. The area of 0.9160 is useful spot to sell in the long term.