Overview:
- The current pivot point set at 0.9290.
- The USD/CHF pair broke major resistance at the level of 0.9224. New resistance was found at the level of 0.9393 (50% of Fibonacci retracement levels) and now it is approaching it in order to test it. Also, the level of 0.9224 has become strong support on June 23, 2015. So, the USD/CHF pair will be restricted by the levels of 0.9224 and 0.9393; for that we expect a range of 169 pips roughly this week. Therefore, it will probably start upward movement at this area and recover again. Thus, the market will indicate a bullish opportunity at the level of 0.9300 and it is likely to be a good sign to buy at this spot with the first target at 0.9300. It will continue moving towards 0.9393 to make a double top today. Moreover, we look for the weekly target around the strong resistance at 0.9393. At the same time, if a break of 0.9282 happens, it will be a good location a stop loss at the level of 0.9421.
