23.10.201405:53 Forex Analysis & Reviews: Review on USD/CHF for October 23, 2014

Stronger US data pushed the greenback against the Swiss Franck to a 5-day high and closed at the highest level Tuesday. The pair well managed to close above 20Dsma. In the daily chart the pair breached and closed above the symmetric triangle and is still trading above that. On the higher side, the pair has resistance at 0.9562 levels. As we told in yesterday's article in case the pair manages to close above 20Dsma, we can see strong momentum towards 0.9562 levels, now we just 15 pips away from that. In yesterday's session the 200WEma gave a good amount of support. The trading pattern is framed between 0.9562-0.9398 levels. In case, if the pair closes below 0.9398, we can see a sharp correction towards 0.9353 and 0.9301 levels. In case, if the pair breaches above 0.9562, it can extend its move up to 0.9593, 0.9601 and 0.9625 levels.

Support: 0.9398, 0.9353, 0.9301

Resistance: 0.9562, 0.9625, 0.9688

For an hourly view, the prices have been trading below the 12ema and 34hrsma levels. On the down side, it has support at 0.9500, 0.9475 and 0.9457 35DEMA. We recommend selling only below 0.9440 levels and panic, below 0.9398. The pair can challenge 0.9593 and 0.9625 if it breaches 0.9562 levels. Traders can book profit at 0.9560, buying is recommended at 0.9505 the same as yesterday or risky traders can use trailing sl waiting for 0.9600 and 0.9625 levels.