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USD/CHF: Intraday Technical Analysis for July 16, 2012
- At 0.9871 a strong level (Resistance) will be formed providing a clear signal for Sell-deals with the target seen at the 0.9765 level. Stop Loss is to be placed above 0.9913.
- At 0.9735 a strong level (Support) will be formed providing a clear signal for Buy-deals with the target seen at the 0.9870 level. Stop Loss is to be placed above 0.9675.
It is necessary to consider that the price is still located between points 0.9871 and 0.9735, i.e. above the strong resistance level 0.9871. The pair has already formed a strong resistance at this level of 0.9871 and is presently approaching it for the further testing. Therefore, the Swissie is expected to go downwards following the non-corrective structure and indicating the bearish opportunity below the 0.9871 level. Sell-deals are recommended below 0.9871 with the first target seen at the 0.9803 level. Thus, the downtrend is likely to continue the bearish movement towards the 0.9765 level. Moreover, it is crucial that the price has probably formed a strong support at 0.9735. The saturation is likely to take place around 0.9735. Therefore it is possible that the market will start showing the signs of a bullish behaviour. In other words, Buy-deals are recommended above 0.9735 with the first target seen at the 0.9800 level and further at the 0.9865 level.
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