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    Technical analysis of USD/CHF for July 24, 2015

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    Overview:

    • The price of the USD/CHF pair has still located between points of 0.9532 and 0.9654. The pair has already formed strong resistance at this level of 0.9553 and is presently approaching further testing. Therefore, the price of the USD/CHF pair is expected to go downwards following the structure which does not look corrective. So, it is indicating the bearish opportunity below the 0.9553 (the double top) level. Sell deals are recommended below 0.9553 with the first target seen at the 0.9584 level. Consequently, the downtrend is likely to continue its bearish movement towards the 0.9532 level. Moreover, it is crucial that the price has probably formed a strong support at the 0.9494 price this week. The saturation is likely to take place around 0.9494 (the level of 0.9494 will form the double bottom on the H1 chart). Accordingly, it is possible that the market will start showing the signs of bullish behaviour next week. In other words, buy deals are recommended above 0.9494 in the long term with the first target seen at the 0.9654 level again. If the trend can break the double top at the price of 0.9494, it might resume to 0.9566 in order to form a new double top in the same time frame.

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