USDCHF: Approaching the key support area near 0.9178

Monday, November 4, 20130 comments

USD/CHF is close to the resistance area defined by the declining channel (around 0.9175) and 0.9178. A short-term correction is likely. Hourly supports can be found at 0.9066 (01 November 2013 low) and 0.9045 (21 October 2013 high).

In the longer term, the current sharp rebound near the support area defined by 0.8931 (24 February 2012 low) and 0.8864 (38.2% retracement) favours a new phase of strength, especially as prices are deeply oversold. A break of the support at 0.9178 would confirm this scenario.
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