FX.co ★ Technical analysis of USD/CHF for April 21, 2015

Overview:

• The USD/CHF pair has still traded above the minor support at 0.9556. The pair is trapping between 0.9560 and 0.9643. Also, it should be noted that the psychological level was set at 0.9623 which represents a pivot point today. As it is shown in the H1 chart, supports were found at the levels of 0.9556 and double bottom at 0.9480. Therefore, buy deals are recommended above this spot with a target at 0.9633. Moreover, USD/CHF pair is going to try to break the daily pivot point at 0.9633 to call for the bullish market above 0.9633. Consequently, the price will continue moving towards the level of 0.9727 in order to test the ratio of 38.2% Fibonacci retracement levels at this level in the H1 chart. On the other hand, the stop loss should always be in account, so it will be good to set your stop loss at the level of 0.9470 (below the double bottom).