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USD/CHF: the price is at the level of. Technical analysis for 01/07/2016

Review and dynamics
Since March, the USD/CHF pair is in the range of 1.0000 (psychologically important level and Fibonacci 61.8% versus the decline from December 2015 and the level of 1.0300) and 0.9520 (lows of April and the Fibonacci 0%).

The pair USD/CHF has been declining since the beginning of June; however, now USD/CHF has consolidated at the level of 0.9750 (ЕМА50 on the weekly chart, ЕМА200, ЕМА144 on the daily chart).

After the announcement of the results of the UK referendum and intervention by SNB, the pair USD/CHF has grown by 230 points or by 2.4% against the lows of Jun

Our opinion
It is likely that in the near future the pair USD/CHF will remain within the wide ranges between the levels of 0.9520 and 1.0000, the narrow range between the levels of 0.9705 (Fibonacci 23.6%) and 0.9820 (Fibonacci 38.2%) with the median line near the level of 0.9750.

Strongest support levels, preventing the decline in the pair, are 0.9520 (Fibonacci 0% and the low line of the ascending channel on the daily chart) and 0.9580 (ЕМА200, ЕМА144 on the weekly chart). Resistance level is 1.0000 (psychologically important level and Fibonacci 61.8%).

In the next 1 or2 days the pair can fall to support level of 0.9705 (on 4 hour and daily charts the indicators OsMA and Stochastic give signals to sell)

In this connection, it is also advisable to pay attention to the decline in the USD against the Yen and gold.

Breakout of support level of 0.9520 may trigger further decline to 0.9400 and 0.9160 (lows of May and June 2015).

In case of the rise in the pair, the nearest targets will be the resistance levels of 0.9820 (Fibonacci 38. 2%), 0.9910 and 1.0000.

Support levels: 0.9705, 0.9580, 0.9520, 0.9500, 0.9445 and 0.9400.

Resistance levels: 0.9750, 0.9820, 0.9910 and 1.0000.

Trading tips
Buy Stop: 0.9780. Stop-Loss: 0.9740. Targets: 0.9820, 0.9910 and 1.0000.
Sell Stop: 0.9730. Stop-Loss: 0.9770. Targets: 0.9705, 0.9650, 0.9580, 0.9520, 0.9445 and 0.9400.

Indicators give signals to sell
Indicators give signals to sell

At the level of 0.9750
At the level of 0.9750

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