06.07.201606:28 Forex Analysis & Reviews: Technical analysis of USD/CHF for July 06, 2016

Overview:

• The USD/CHF pair continues to move upwards from the level of 0.9965. Yesterday, the pair dropped from the level of 0.9720 (this level of 0.9720 coincides with the ratio of 23.6% Fibonacci retracement) to the top around the spot of 0.9779. Today, the first support level is seen at 0.9767 followed by 0.9742 (the weekly pivot point), while daily resistance 1 is found at 0.9798. Amid the previous events, the pair is still in an uptrend, because the USD/CHF pair is trading in a bullish trend from the weekly pivot line of 0.9742 towards the first resistance level at 0.9798 in order to test it. Therefore, the first bearish wave is seen at 0.9767, for that i the pair succeeds to pass through the level of 0.9767, the market will indicate a bullish opportunity above the level of 0.9767. In other words, buy orders are recommended above the spot of 0.9767 with the first target at the level of 0.9798; and continue towards 0.9836. However, if the NZD/USD pair fails to break through the weekly pivot level of 0.9742 today, the market will decline further to 0.9720 and 0.9684.