USDCHF: Pausing within its short-term uptrend

Monday, October 14, 20130 comments

USD/CHF has broken the resistance at 0.9078 validating a short-term bullish head and shoulders. We favor further short-term strength as long as the support at 0.9070 holds (see also the rising channel). Monitor the key resistance at 0.9139. Another support stands at 0.9016 (09 October 2013 low), whereas another resistance is at 0.9225.

In the longer term, a sideways move between the key supports at 0.9022 (01 February 2013 low) and 0.8931 (24 February 2012 low) and the key resistances at 0.9972 (24 July 2012 high) and 1.0067 (01 December 2010 high) is favored. Therefore, the medium-term downside risk seems limited. 
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