FX.co ★ USD/CHF: technical analysis for June 19, 2013

Overview:

USD/CHF

The price has still been trapped between 0.9243 -- 0.9215 as well as it has been set below strong resistance at the level of 0.9403 (this level is formed at the weekly pivot point for June 10 - 14, 2013). Additionally, it should be noted that these levels are coinciding between 50% and 00% of Fibonacci retracement levels on H1 chart and the pair has already formed a strong resistance at this level of 0.9403 and it is now about to test it. Therefore, the Swiss franc will have a downside momentum which is rather convincing and the structure of the fall looks non corrective. Moreover, the decline from 0.9403 should be resumed to 0.9185 (strong support will be set at 0.9185). In order to indicate a bearish opportunity below 0.9403, consequently it will be a good sign to sell below 0.9400 with the first target at 0.9290 and it will call for the downtrend in order to continue bearish towards 0.9228 (00% of Fibonacci retracement levels on H1 chart). Furthermore, it also should be mentioned that the price at 0.9222 will possible form a double bottom and call for a strong support. Hence, it will be saturation around 0.9185 to rebound the pair, meanwhile, it will probably show that the market is going to start showing the signs of bullish market. In other words, it will be a good sign to buy above 0.9185 with the first target of 0.9300 and continue towards 0.9380.

Intraday technical levels:

Date and Time: 19/06/2013 14:27

Pair: EUR/CHF

Projected High: 0.9432

Breakout (Buy Stop): 0.9377

Strong Resistance (Sell Limit): 0.9347

Current Pivot: 0.9218

Strong Support (Buy Limit): 0.9089

Breakout (Sell Stop): 0.9064

Projected Low: 0.9014