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11.05.2012 09:27 AM
USD/CHF Technical Analysis for May 11, 2012

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Forecast:

  • At 0.9270 a strong level (Resistance) will be formed providing a clear signal for Sell-deals with the target seen at the 0.9140 level. Stop Loss is to be placed above 0.93.

 

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Overview:

USD/CHF:

It is necessary to consider that the price is still located between points 0.93 and 0.90, i.e. above the strong resistance level 0.922. The pair has already formed a strong resistance at this level of 0.9270 and is presently approaching it for the further testing. Therefore, the Swissie is expected to go downwards following the non-corrective structure and indicating the bearish opportunity below the 0.9270 level. Sell-deals are recommended below 0.9270 with the first target seen at the 0.9100 level. Thus, the downtrend is likely to continue the bearish movement towards the 0.90 level. Moreover, it is crucial that the price has probably formed a strong support at 0.8950 - 0.9. The saturation is likely to take place around 0.905. Therefore it is possible that the market will start showing the signs of a bullish behaviour. In other words, Buy-deals are recommended above 0.8950 - 0.9 with the first target seen at the 0.9130 level and further at the 0.9200 level.

Summary
Urgency
Analytic
Mourad El Keddani
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