FX.co ★ Technical analysis of USD/CHF for April 24, 2014

Overview:

• Due to the previous events, the price of USD/CHF pair is still moving between the price of 0.8860 and the 0.8812 price. Additionally, it should be noted that the the level of 0.8812 is representing the weekly pivot point. So, the psychological level has set at the 0.8812 price today. Therefore, sell deals are recommended below the 0.8812 level with targets at the level of 0.8787 in order to form a double bottom at this level in H1 chart. Moreover, the price of the USD/CHF pair is going to try break the weekly support 1 at 0.8787 to call for the bearish market below 0.8787 on April 24, 2014. Consequently, the price will be continued towards the level of 0.8740. On the other hand, the stop loss should always be in account, thereupon it will of the wisdom to set your stop loss at the 0.8873 price.

Notes:

• Minor support will set at the price of 0.8787.
• Major support has already set at 0.8740.
• We expect a range of 60 pips today.