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Technical analysis of USD/CHF for June 2, 2015

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Overview:

  • The USD/CHF pair is going to set strong resistance at the level of 0.9561 and the minor resistance has set at 0.9468. The support set at levels of 0.9375 and 0.9260 respectively. Also, it should be noted that the weekly pivot point has already set at the level of 0.9375. Equally important, the price is still moving around the key level at 0.9400. Moreover, the USD/CHF pair has still been below 61.8% of Fibonacci retracement levels since last week. As a result, the price has already formed the strong resistance at this spot of 0.9561. Another thought, the RSI calls for a downtrend. Therefore, the USD/CHF pair will get the downside rather convincing momentum and the structure of a fall does not look corrective. Indicating a bearish opportunity below 0.9468, it will be a good sign to sell below 0.9468 with the first target of 0.9375 (this level coincides with weekly resistance 1) and it will call for a downtrend to continue bearish towards 0.9260. The level of 0.9260 coincides with the ratio of 23.6% Fibonacci retracement levels.


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