Technical analysis of USD/CHF for May 29, 2015

According to the previous events, the price of the USD/CHF pair has been trading between 0.9556 and 0.9374. The level of 0.9556 represents the weekly pivot point. It should be noted that the weekly pivot point is coinciding with a ratio of 61.8% Fibonacci retracement level. In consequence, sell below 0.9556 in the short term with the first target at 0.9374 in order to test support 1. If the trend is able to break the support 1 at 0.7374; then it might resume to 0.9287 with a view to form the double bottom. Hence, the market will indicate a bearish opportunity at the level of 0.9556 and continue towards the last bearish wave at 0.9287. However, the best location for placing your stop loss should be set at 0.9575 because the stop loss should never exceed your maximum exposure amounts.

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