USD/CHF: Moving Higher?
Ian Copsey | Sep 02, 2014 01:05AM ET
USD/CHF
Intraday Chart:
BIAS: Still look for the 0.9200-15 area to cap for a correction lower
Resistance: 0.9202 0.9216 0.9228 0.9243
Support: 0.9188 0.9176 0.9161 0.9140-50
MAIN ANALYSIS: The rally extended above 0.9160-71 to reach 0.9190-95. We should now see 0.9180-88 support for follow-through to reach the 0.9202 area at least - allow for 0.9216-20 though I doubt it will get this high. As this is approached note momentum conditions, preferably with an hourly bearish divergence - A 4-hour divergence is already in place.
COUNTER ANALYSIS: Only above 0.9216 would extend gains to 0.9228 and possibly 0.9243.
Only a break back below 0.9176 would imply more direct losses, I feel quite choppy and relatively deep. Note the 0.9140-50 support.
MEDIUM TERM ANALYSIS:
21st August: The break above 0.9114 is bullish. I still have only tentative intermediate targets but suspect we should see gains towards the 0.9400 area initially while higher targets are at 0.9480 and 0.9537... and probably the higher at a minimum. This will need to be fine tuned as it progresses.
Only an earlier break below 0.0.9022 would bring us back into a broad range, noting the 0.8950 support.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.