The Weekly technical levels of USD/CHF pair.

Tips:

• R3 and S3 are considered to be clear indicators of the maximum range of extreme volatility, though it is possible to pass them through.
• Pivot lines work well on the sideways markets as the prices are most likely to be located between the R1 and S1 lines.
• Within a strong trend, the price is expected to be lower than the pivot point line and continue moving.
• If the breaking news released may affect the market, the price is likely to go straight through R1 or S1 and even reach R2 and R3 or S2 and S3.

Observations:

• If the trend is of an upside character, then the strength of the currency will be defined as follows: USD is in an uptrend and CHF is in a downtrend.
• Fibonacci retracement is used to determine accurate psychological levels of support and resistance. The period of time should be taken into account. Fibonacci is in a range trade; it looks like the trend is trapping and going up or down. If you sell or buy in the long term, you will surely lose your profit.

Overview:

• The USD/CHF pair was calling for the bullish market from the level of 0.8840 last week.
• The level of 0.8840 is representing support 1.
• As it is know, history will probably repeat itself at this level again. Therefore, it will a good sign to buy above 0.8840 with the first target of 0.8895 (the weekly pivot point). It will call for uptrend in order to continue its bullish movement towards 0.8930.
• Stop loss should never exceed your maximum exposure amounts.
• Consequently, the stop loss should be placed below the double bottom at the price of 0.8805.