USDCHF: Struggling thus far to break the resistance at 0.9139

Saturday, October 12, 20130 comments

USD/CHF has broken the major resistance at 0.9078 which confirms a short-term bullish head and shoulders. However, monitor the other key resistance at 0.9139. Hourly supports are given by 0.9078 which is a previous resistance and by the rising channel which is around 0.9048.

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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