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Forex Analysis: 4 Apr 2012, 05:53 UTC+00

USD/CHF Technical Analysis for April 4, 2012

Forecast:

At 0.9133 a strong level will be formed, providing a clear signal for Sell-deals with the target seen at 0.902 level. Stop Loss is to be placed above 0.918.

 


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Overview:

USD/CHF:

It is necessary to consider that the price is still located between the points 0.913 and 0.9, i.e. above the strong support level 0.893 (00% of Fibonacci retracement levels on H4 chart). These levels correspond to 38.2% and 23.8% of Fibonacci retracement levels on the H4 chart. The pair has already formed a strong resistance at this level of 0.9133 and it is now approaching it for further testing. Therefore, the Swissie is expected to go downwards following the non-corrective structure and indicating the bearish opportunity below the 0.916 level. Sell-deals are recommended below 0.9133 with the first target seen at the 0.9025 level. Thus downtrend is likely to begin continuing the bearish movement towards the 0.90 level. Furthermore, it is also important that the price has probably formed a strong support at 0.894 (0.893: 00% of Fibonacci retracement levels on H4 chart). The saturation is like to take place around 0.8935. Therefore it is possible that the market will start showing the signs of a bullish behaviour. In other words, Buy-deals are recommended above 0.8935 with the first target seen at the 0.903 level and further at the 0.91 level.


keddani
Performed by
analytical expert: Mourad El Keddani
InstaForex Group © 2007-2017
 Published: 4 Apr 2012, 05:53 UTC+00

 
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