FX.co ★ Technical analysis of USD/CHF for July 28, 2015

Overview:

• The USD/CHF pair probably will form a strong support at the level of 0.9588 above 61.8% of Fibonacci retracement levels. Moreover, it will also form a powerful resistance at the 0.9700 level on the H1 chart. Equally important, the price is going to form a double bottom at 0.9616 (the first bearish wave since yesterday). Furthermore, the saturation is likely to take place around 0.9616/0.9588 because this level also formed the first strong support on July 28, 2015. Consequently, it is possible that the market will start showing bullish signs. So buy deals are recommended above 0.9616/0.9588 with the first target seen at the 0.9666 level and further at the 0.9700 price. It also should be noted that the level of 0.9700 will represent a new double top in the same time frame.

Observations:

• The resistance will set at the level of 0.9700 for today.
• We expect a range of 68 pips today.
• Volatility: 172.85.