05.08.201515:13 Forex Analysis & Reviews: Technical analysis of USD/CHF for August 05, 2015

Long-term review

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Technical outlook and chart setups:

Silver has taken out initial resistance at $15.00 levels earlier, and is pulling back for now before the next extension towards at least $15.30 levels. Please also note that the metal is trading comfortably above its 50 day moving average. It is recommended to remain long for now, with risk around $14.25 levels. Immediate support is seen at $14.40/50 levels, followed by $14.00, $13.00 and lower while resistance is seen at $15.30 levels (fibonacci), followed by $15.90 and higher respectively. The metal would like to test trend line resistance around $15.30 levels.

Trading recommendations:

Remain long for now, stop at $14.25, a target is at $15.30.

Good luck!

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