FX.co ★ USD/CHF technical analysis for December 11, 2013

Overview:

Pair: USD/CHF.

• Pivot point: 1.8990.
• Range: 65 pips - 80 pips.
• Trend: Bearish market.

• The price is probably going to form strong support at 0.8705 (below 61.8% of Fibonacci retracement levels in the weekly chart). It formed the last bearish wave for the last month, and the level of 0.9050 acts as strong resistance. Thus, it should be noted that the level of 0.9050 is strong resistance (Note: support became resistance as well as the ratio of 61.8% of Fibonacci equals 0.8862). The saturation is likely to take place around 0.8700, because this level is also the first strong support on December 11 - 13, 2013. A new bottom will be set at the level of 0.87. Therefore, it is possible that the market will start showing bullish signs. The daily support is set at the level of 0.8703. In other words, buy deals are recommended above 0.8700 with the first target seen at the 0.8810 level and further, at the 0.8886 level. The stop loss should be placed at 0.8670.