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Technical analysis of USD/CHF for November 3, 2015

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Overview:

  • The price of the USD/CHF pair is still moving between 0.9851 and 0.9956. The key level has been set at the spot of 0.9851 since yesterday. The level of 0.9851 is representing the 78.6% of Fibonacci retracement levels and the price has been set above the strong support of 0.9851. These levels are coinciding with 78.6% and 100% of Fibonacci retracement levels on the same chart. The pair has already formed a strong resistance at this level of 0.9956 and it is now approaching it in order for testing. Therefore, the USD/CHF pair will receive downside momentum, which is rather convincing. The structure of the fall is not corrective. It will be a good sign to sell below 0.9956 with a first target of 0.9900 and it will call for a downtrend in order to continue with bearish movements towards 0.9856 and then towards 0.9825. Moreover, the price at 0.9825 will possibly form a strong support. So, there will be a saturation around 0.9825 to rebound the pair for that the market is going to start showing the signs of bullish market in the long term.

Forecast:

  • As a result, it will be a good sign to buy above 0.9825 with the first target of 0.9880 and continue towards the level of 0.9950.


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