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    Technical analysis of USD/CHF for February 09, 2016 2016-02-09

    1455009544_USDCADH1.png

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    Overview:

    • The USD/CHF pair continues to move downwards from the level of 0.9965. Yesterday, the pair dropped from the level of 0.9965 (this level of 0.9965 coincides with the double top) to the bottom around 0.9822. Today, the first resistance level is seen at 0.9965 followed by 1.0014 (the weekly pivot point), while daily support 1 is found at 0.9795. Also, the level of 1.0014 represents a weekly pivot point for that it is acting as major resistance/support this week. So, the pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point (1.0014). Amid the previous events, the pair is still in a downtrend, because the USD/CHF pair is trading in a bearish trend from the new resistance line of 0.9965 towards the first support level at 1.9795 in order to test it. If the pair succeeds to pass through the level of 0.9795, the market will indicate a bearish opportunity below the level of 0.9795. However, if a breakout happens at the resistance level of 1.0014, then this scenario may be invalidated.

    Weekly key levels:

    • Resistance 3:1.0483
    • Resistance 2:1.0363
    • Resistance 1:1.0134
    • Pivot Point:1.0014
    • Support 1:0.9785
    • Support 2:0.9665
    • Support 3:0.9436
  • Resistance 2:1.0363
  • Resistance 1:1.0134
  • Pivot Point:1.0014
  • Support 1:0.9785
  • Support 2:0.9665
  • Support 3:0.9436

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