Swing Long Buying USD/CHF at 0.8580/ 0.8630
TP1: 0.8960
TP2: 0.9160
SL-: 0.8475
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Overview:
USD/CHF's subsequent sharp fall suggests that decline from 0.9315 two weeks ago and had resumed to 0.8806 yesterday. It should be noted that the price has still been trapped between 0.8922 and 0.8568, aswell it also is noting that the level of 0.8568 is coinciding with 50% of Fibonacci retracement levels on daily chart. Futhermore, the price has been set above strong support at the level of 0.8568 since the 6th of September 2011. Therefore the pair has already formed a strong support at this level of 0.8920 and it is now approaching from it in order to test it. So it will be saturation around 1.8568 to rebound the price, aswell it will probably that the market is going to start showing the signs of bullish market. In other words, it will be a good sign to buy above 0.8568 with a first target of 0.8922 and continue towards 0.92.
However, If the the Swissy breaks this level and closure below 0.8525, it will be a downside momentum is rather convincing and the structure of the fall looks is not corrective, hence the market will indicate a bearish opportunity below 0.8525 then the support will be become a resistance, for that it will a good sign to sell below 0.8525 with a first target of at 0.8375 and it will call for downtrend in order to continue Bearish towards 0.8220 (38.2% of Fibonacci retracement levels on daily chart).