USD/CHF: 0.9479 - 0.9520 Area Support For Further Gains
Ian Copsey | Oct 30, 2014 12:20AM ET
INTRADAY CHART
BIAS: We should now see the 0.9479 - 0.9520 area support for further gains
Resistance: 0.9549-51 0.9558 0.9578 0.9587-96
Support: 0.9520-25 0.9504 0.9488 0.9479
MAIN ANALYSIS: Yesterday's low finally came in at the top end of the 0.9421-44 critical support area from where price shot higher. The 0.9449-51 area should cap for a correction and I suspect to the 0.9488-20 area but allow for 0.9479. From there we should see gains back above 0.9551 and to the 0.9587-96 area for a modestly deep correction before moving above 0.9596 to reach the 0.9628 target.
COUNTER ANALYSIS: A direct break below 0.9465-70 would risk a move back to the 0.9441 low and possibly 0.9415-20. Any break below would risk a retest - and probable break - below the 0.9397 low.
MEDIUM TERM ANALYSIS:
16th October: Although we have seen a break of 0.9394, the 0.9359 low is still valid - just much deeper than I would normally expect. This can still support for a reversal back above 0.9520 and back to the 0.9628 target.
Only an earlier break below 0.9340 would suggest a firmer follow-through lower.
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