USD/CHF is seeing a revival of buying interest as can be seen by the break of the resistance at 0.8966 (23 October 2013 high). Other resistances lie at 0.9005 (see also 38.2% retracement) and 0.9064 (see also 61.8% retracement). Supports can now be found at 0.8944 (29 October 2013 low) and 0.8891.
In the longer term, a decisive break of the support area defined by 0.8931 (24 February 2012 low) and 0.8864 (38.2.2% retracement) would open the way for a medium-term move towards 0.8568 (27 October 2011 low). Thus far, given the overall oversold conditions, we consider such a medium-term decline to be unlikely.
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