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Forex Analysis: 19 Apr 2012, 04:59 UTC+00

USD/CHF Technical Analysis for April 19, 2012

Forecast:

At 0.9240 - 0.9260 a strong level will be formed providing a clear signal for Sell-deals with the target seen at the 0.9140 level. Stop Loss is to be placed above 0.93.

 

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Overview:

USD/CHF:

It is necessary to consider that the price is still located between points 0.93 and 0.9115, i.e. above the strong support level 0.9130 (61.8% of Fibonacci retracement levels on H4 chart). These levels correspond to 78% and 61.8% of Fibonacci retracement levels on the H4 chart. The pair has already formed a strong resistance at this level of 0.92605 and is presently approaching it for the further testing. Therefore, the Swissie is expected to go downwards following the non-corrective structure and indicating the bearish opportunity below the 0.9260 level. Sell-deals are recommended below 0.9260 with the first target seen at the 0.9140 level. Thus, the downtrend is likely to continue the bearish movement towards the 0.91 level. Moreover, it is crucial that the price has probably formed a strong support at 0.9053 (23.6% of Fibonacci retracement levels on H4 chart). The saturation is likely to take place around 0.905. Therefore it is possible that the market will start showing the signs of a bullish behaviour. In other words, Buy-deals are recommended above 0.9050 with the first target seen at the 0.9130 level and further at the 0.9200 level.

Weekly Technical Levels:


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keddani
Performed by
analytical expert: Mourad El Keddani
InstaForex Group © 2007-2017
 Published: 19 Apr 2012, 04:59 UTC+00

 
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