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Forex Analysis

11/27/2013 09:53:50

USD/CHF: No higher low yet

MIG Bank - USD/CHF has moved lower than its recent low at 0.9062 (25/11/2013 low), reflecting persistent selling pressures. A support stands at 0.9028 (61.8% retracement of the previous rise). Hourly resistances are at 0.9131 (25/11/2013 high) and 0.9192 (20/11/2013 high).

In the longer term, the successful test of the support area defined by 0.8931 (24/02/2012 low) and 0.8864 (38.2% retracement) combined with the break of the medium-term declining trendline favour a new phase of strength. A break of the resistance at 0.9250 would confirm this scenario.

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