FX.co ★ USD/CHF technical analysis for July 26, 2013

Overview:

USD/CHF's subsequent sharp fall suggests that a decline from 0.9360 had resumed to test 0.9310. Moreover, the pair has already formed a strong support at this level of 0.9203. It should also be noted that the price has still been trapped between 0.9355 and 0.9300. Therefore, after it could not close below this level and as the price has been set above it for weeks, the market started showing bullish signs, so it is a good sign to buy above 0.9213 with the first target of 0.9290 and continue towards 0.93600. However, if the trend breaks this level and there will is closure below it (0.9360), 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 0.9363, then this level will be become a resistance, for that it will be a good sign to sell below 0.9363 with a target at 0.9240.

Intraday technical levels:

Date: 26/07/2013

Pair: USD/CHF

R3: 0.9479

R2: 0.9436

R1: 0.9368

PP: 0.9325

S1: 0.9257

S2: 0.9214

S3: 0.9146