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Technical analysis of USD/CHF for December 1, 2015

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Overview:

The USD/CHF pair has been moving in an uptrend since the last week. So, according to the prior events, the price of the USD/CHF pair has still been moving between the ratio of 61.8% Fibonacci retracement levels at the level of 1.0248 and 1000% Fibonacci retracement at the 1.0327 level. Furthermore, the price opened above the ratio of 61.8% Fibonacci retracement levels (1.0248). Besides, the support is set at the 1.0248 level today. Therefore, it will be a good sign to buy above the level of 1.0248 with the first target of 1.0303. The minor support has already been set at the price of 1.0303. Moreover, if the trend breaks the price of 1.0303, it will continue towards the double top around the area of 1.0327. However, in case a reversal takes place and the USD/CHF pair breaks through the support level of 1.0248, the market will lead to a further decline to 1.0204 today in order to indicate a correctional movement at this level. Meanwhile, the H4 chart represents strong support at 1.0200 which forms the double bottom.



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