2016-06-23 14:41:26

Review and dynamics
Since the beginning of June the pair has declined after the rise a month ago.

The franc is rising due to uncertainty about the results of UK’s referendum, which is difficult to predict.

Since the beginning of today trades the pair USD/CHF continues to decline, reaching the lows of April at the level of 0.9520, which is close to the lows since December 2015 and 1.0300 (Fibonacci 0%).

Our opinion
Following upward correction at the end of May, downtrend in the pair resumed. In case of the exit of the UK from the EU, the pair USD/CHF may fall significantly.

Otherwise, uptrend in the pair will resume. In this case, the nearest targets will be resistance level of 0.9705 (Fibonacci 23.6%), 0.9750 (ЕМА200, ЕМА144 on the daily chart), and 0.9820 (Fibonacci 38.2%).

It is very hard to predict future developments until the announcement of the outcome of referendum tomorrow morning.

However, we can assume that breakout of support level of 0.9500 may trigger further decline to 0.9400 and 0.9160 (Lows of May and June 2015).

Support levels: 0.9520, 0.9500, 0.9445 and 0.9400.

Resistance levels: 0.9580, 0.9705, 0.9750 and 0.9820.

Trading tips
Buy Stop: 0.9610. Stop-Loss: 0.9570. Targets: 0.9705, 0.9750, 0.9780 and 0.9820.
Sell Stop: 0.9490. Stop-Loss: 0.9530. Targets: 0.9445, 0.9400, 0.9300, 0.9200 and 0.9160.

In the descending channel
In the descending channel

At support level of 0.9520
At support level of 0.9520