FX.co ★ USD/CHF technical analysis for December 13, 2013

Overview:

Pair: USD/CHF.

• The price is probably going to form strong support at 0.8715 (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 0.9055 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 0.8703, because this level is also the first strong support on December 13, 2013.
• A new bottom will be set at the level of 0.8700. 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 0.8713 with the first target seen at the 0.8866 level and further at the 0.8920 level.
• The stop loss should be placed at 0.8666.

Intraday technical levels:

Date & Time: 13/12/2013 02:43

Pair: USD/CHF

• Projected High: 0.9054
• Breakout (Buy Stop): 0.8999
• Strong Resistance (Sell Limit): 0.8969
• Current Pivot: 0.8878
• Strong Support (Buy Limit): 0.8786
• Breakout (Sell Stop): 0.8761
• Projected Low: 0.8711