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

Overview:

USD/CHF's subsequent sharp fall suggests that a decline from 0.9560 had resumed to test 0.9483. Moreover, the pair has already formed a strong support at this psychological level of 0.9300. It should also be noted that the price has still been trapped between 0.9483 and 0.9400. Therefore, after it could not close below this psychological level and as the price has been set above it since a month, the market started showing bullish signs, so it is a good sign to buy above 0.9300 with the first target of 0.9415 and continue towards 0.9480. However, if the trend breaks this level and there will is closure below it (0.9560), it will be a downside momentum which is rather convincing and the structure of the fall is not corrective. Thus, the market will indicate a bearish opportunity below 0.9563, then this level will be become a resistance, for that it will be a good sign to sell below 0.9563 with a target at 0.9315.

Intraday technical levels:

Date & time:19/07/2013 04:42

Pair: USD/CHF

Projected high: 0.9634

Breakout (buy stop): 0.9579

Strong resistance (sell limit): 0.9549

Current pivot: 0.9441

Strong support (buy limit): 0.9333

Breakout (sell stop): 0.9308

Projected low:0.9258