FX.co ★ USD/CHF technical analysis for May 2, 2013

Overview:

The price is probably going to form a strong support at 0.9210 (below 38.2% of Fibonacci retracement levels in the H1 chart. It formed the last bearish wave for the last three weeks and the level of 0.9210 acts as strong support. The saturation is likely to take place around 0.9210 because this level also forms the first strong support for April 17, 2013. Therefore, it is possible that the market will start showing bullish signs. The weekly support 2 is set at the level of 0.9210. In other words, buy deals are recommended above 0.9290 with the first target seen at the 0.9320 level and further at the 0.9350 level. Thus, it should be noted that the level of 0.9350 is a strong resistance (Note: support had become resistance as well as the ratio 61.8% of Fibonacci equals 0.9359).

If you have any questions or requests, please feel free to contact me: mourad.elkeddani@analytics.instaforex.com.