Technical analysis of USD/CHF for October 28, 2014

Intraday trading recommendations:

According to the previous events, the price of the USD/CHF pair has still been trapped between 0.9520 and 0.9424. The level of 0.9491 represents the weekly pivot point. It should be noted that the weekly pivot point coincides with the ratio of 61.8% Fibonacci retracement levels. So, sell below 0.9491 in the short term with the first target of 0.9491 in order to test the first support, it might resume to 0.9397 (the double bottom) if the trend will be able to break the double top at weekly support 1. The stop loss should never exceed your maximum exposure amounts. Thus, it will be quite profitable to set your stop loss at the level of 0.9540.

Review:

The first resistance of USD/CHF pair is projected at the level of 0.9491 today. The second resistance had already fixed at 0.9525. The area of 0.9491 is a useful area to sell in the long term this week. We expect a range of 70 pips on October 28, 2014. Volatility: 251.85. As a rule, the market is highly volatile if the last day had a huge volatility. It should be noted that if there is no significant news to influence, the market price will be moving from pivot point to resistance 1 or support 1. But if there is, 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.