FX.co ★ Technical analysis of USD/CHF for September 19, 2014

Trading recommendations:

• According to the previous events, the USD/CHF pair has still been moving between 0.9340 and 0.9415.
• So, we expect a large range about 75 pips in the coming future.
• The breakout seen at the ratio of 23.6% Fibonacci retracement level (in H1 chart) for that the key level is set at the level of 0.9320 because it represents strong support and it coincides with the 23% Fibonacci retracement level.
• As it is known, history will probably repeat itself at this level again.
• Therefore, it will a good idea to buy above 0.9320 with the first target of 0.9380. It will call for an uptrend in order to continue its bullish movement towards the level of 0.9425.
• Also, it should be noted that the level of 0.9432 represents the double top.
• On the other hand, the stop loss should never exceed your maximum exposure amounts, consequently the stop loss should be placed below the double bottom at the price of 0.9285.