19.11.201404:55 Forex Analysis & Reviews: Technical Analysis of USD/CHF for November 19, 2014

The pair made a double top on the daily chart and closed below 20Dsma. In today's Asian session, the pair managed to trade at 0.9600 but it is facing strong resistance at 20Dsma at 0.9605. In case if the pair trades above 0.9605, it can challenge 0.9615, 0.9645, and 0.9655. We can expect strong upswing momentum above 0.9655 towards 0.9700 and 0.9740. We recommend selling only below 0.9540. Today, traders are turning attention to FOMC meeting minutes and building permits. Ahead of the FOMC meeting minutes, we can expect high volatility. The pair has been making lower lows and lower high swings in the hourly chart. From the positional view, in case the price closes above 0.9688 on a weekly closing basis, it can challenge 0.9800, 0.9840, 0.9970, and 1.017. The parallel monthly resistance exists at the 0.9751 levels. Currently, the pair is trading at a 2-week low. 0.9700 is still resistance, but we can say it is a top on a closing basis unless we see a close below 0.9361. If not, it can shoot above 0.9700 levels.