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13.11.2012 04:08 PM
USD/CHF: Intraday Range Technical Analysis for November 13, 2012

Forecast:
Strong level (Resistance) will be formed at 0.9530 providing a clear signal for sell deals with the target seen at 0.9435 level. Stop loss is to be placed above 0.9575.
Strong level (Support) will be formed at 0.9430 providing a clear signal for buy deals with the target seen at 0.9525 level. Stop loss is to be placed below 0.9325.

 

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Overview:
USD/CHF: It is necessary to consider that the price is still located between points of 0.9430 and 0.9530 (Range: 100 pips), i.e. above the strong resistance level of 0.9530. The pair has already formed a strong resistance at this level of 0.9530 and is presently approaching to the further testing. Therefore, the Swissie is expected to go downwards following the structure which does not look corrective and indicating the bearish opportunity below 0.9530 level. Sell deals are recommended below 0.9530 with the first target seen at 0.9480 level. Thus, the downtrend is likely to continue the bearish movement towards 0.9435 level. Moreover, it is crucial that the price has probably formed a strong support at 0.9430. The saturation is likely to take place around 0.9430. Therefore, it is possible that the market will start showing the signs of a bullish behavior. In other words, buy deals are recommended above 0.9430 with the first target seen at 0.9460 level and if the weekly pivot point (0.9455) is broken successfully, then the pair will go further at 0.9525 level. It should be noted that the resistance becomes a support after it is broken. 

Weekly Pivot Points:
R3: 0.9648
R2: 0.9573
R1: 0.9530
PP: 0.9455
S1: 0.9412
S2: 0.9337
S3: 0.9294

Mourad El Keddani,
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