USD/CHF: Double Top formation breached

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 18, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The USD/CHF pair ran into offers close to 1.017 for the second time in the last 24 hours, confirming a double top formation on the hourly charts.

    Trades below neckline

    The spot now trades below the neckline support of 1.0139. The spot was rejected near 1.017 levels yesterday, following which the pair dropped to 1.0139 before making another failed attempt today to take out 1.017.

    The traders await the US FOMC minutes, which could throw light on the timing and the size of the US Fed liftoff.

    USD/CHF Technical Levels

    At 1.0136, the immediate resistance is seen at 1.0139 (neckline), above which the pair could make another attempt at 1.017. On the other hand, a break below 1.0119 (hourly 50-MA) would expose hourly 100-MA at 1.0081.
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