FX.co ★ Technical analysis of USD/CHF for October 8, 2015

Overview:

• The SD/CHF pair found strong support at the level of 0.9580, which represents weekly support 1. Equally important, the price is still moving between 0.9580 and 0.9763. Also, the USD/CHF pair has still been above 50% of Fibonacci retracement levels. As a result, the price has already faced strong support at this level of 0.9580 with the aim to test it. Therefore, the USD/CHF pair will get upward momentum rather convincing and the structure of the fall does not look corrective for indicating a bullish opportunity above the the weekly support 1 level (0.9580). It will be a wise to buy above this level with the first target at 0.9580 (this level is coinciding with the weekly pivot point this week) and it will call for an uptrend in order to continue bullish journey towards 0.9715 and 0.9763. Additionally, the price would form the double top at 0.9763. Moreover, the USD/CHF pair is expected to trade in a range about 75 pips this week. On the other hand, the stop loss should always be taken into account, thus it will of the sagacity to set your stop loss at the price of 0.7552.