USD/CHF technical analysis for October 2, 2013 2013-10-02 Overview: USD/CHF: The price has still been trapped between 0.9050 - 0.9975 as well as it has been set below strong resistance at the level of 0.9279 (this level is formed at the monthly pivot point for October 1 - 31, 2013). Additionally, it should be noted that these levels are coinciding between 23.6% and 00% of Fibonacci retracement levels in the Daily chart and the pair has already formed a strong resistance at this level of 0.9279 and it is now about to test it. Therefore, the Swiss franc will have a downside momentum which is rather convincing, and the structure of the fall looks non-corrective. Moreover, in order to indicate a bearish opportunity below 0.9191, it will be a good sign to sell below 0.9191 with the first target at 0.9085 and it will call for the downtrend in order to continue the bearish movement towards 0.8992 (00% of Fibonacci retracement levels in the daily chart). Furthermore, it also should be mentioned that the price at 0.8992 will possibly form a double bottom and call for strong support at the area between 0.8925 and 1.8992 for October 2 - 4, 2013. Hence, saturation around 0.8925 will rebound the pair; meanwhile, it will probably show that the market is going to start showing the signs of a bullish trend in the short term. In other words, it will be a good sign to buy above 0.8925 with the first target of 0.9000 and continue towards 0.9045.
Posted on: Wed, 02 Oct 2013 15:26:12 +0000