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Technical analysis of USD/CHF for June 8, 2015

USDCHFH4.png

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Overview:

  • The The USD/CHF pair movement will continue straightway from the double bottom at the level of 0.9374, which coincides with the ratio of 38.2% of Fibonacci retracement levels in the H1 chart . Therefore, the price of the USD/CHF pair is showing signs of power, following a break of the lowest level at 0.9374. It will be a good sign to buy above the level of 0.9374 with the first target at 0.9465 in order to test the daily pivot point and further to 0.9501 to form the double top in the short term. Thence, this price will act as strong resistance, for that it is going to be a good place to take profit around the spot of 0.9501 and 0.9560. It also should be noted that this level will coincide with 61.8% of Fibonacci retracement levels. However, in case of a reversal, the USD/CHF pair will break through the minor support level of 0.9366. The market is expected to decrease further to 0.9258 with a view to indicate the bearish market.

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