FX.co ★ Weekly technical levels of USD/CHF for April 22, 2014

The movement of pivot point among resistances and supports.

• If the price is at pivot point, watch for a move back to resistance 1 or support 1.
• If the price is at resistance 1, expect a move to resistance 2 or back towards pivot point.
• If the price is at support 1, expect a move to support 2 or back towards resistance 1.
• If the price is at support 2, expect a move to support 3 or back towards support 1.
• If the price is at resistance 2, expect a move to resistance 3 or back towards resistance 1.
• It should be noted that if there is no significant news to influence, the market price will be moving from pivot point to resistance 1 or support 1. But if there is a significant news to influence, the market price may go straight through resistance 1 or support 1 and reaches resistance 2 or support 2 and even resistance 3 or support 3.

Weekly technical levels of the USD/CHF pair:

Overview:

• As it is known, the sellers are asking for a high price. And the supply zone has set between the level of 0.8860 and the 0.8880 level.
• The double top will set at the level of 0.8856. The minor support is going to set at 0.8812. And this level is going to represent the weekly pivot point on April 22, 2014.
• The major support had already set at the price of 0.8787. Moreover, the double bottom is also coinciding with the major support.
• The price hit the weekly pivot point and the resistance 1 last week, because of the series of relatively equal highs and equal lows.
• We expect a range of 163 pips this week.
• The key level will set at the level of 0.8880 today.