01.12.201406:57 Forex Analysis & Reviews: Technical Analysis on USD/CHF for December 01, 2014

Swiss voters rejected the gold referendum, roughly 78% voted to expand central bank gold reserves to 20% of central bank assets. This decision weighs the CHF against the USD. The pair managed to cross the 20Dsma and closed above that at Friday's session. The pair has been struggling to breach 0.9742. Until the prices are closed and trading above 0.9500, we are expecting bullish targets. In case if the pair closes below 0.9500 on a daily basis, it can extend its fall towards 0.9440 and 0.9400. Today, traders are keeping an eye on ISM manufacturing data. Positive readings will push the prices to the previous highs. The pair has immediate parallel resistance at 0.9728 and 0.9742. On the daily chart, the pair has made higher lows and higher highs formation. In case if the price breaches 0.9742, it can extend its rally up to 0.9950. We still recommend using every dip to buy with the targets at 0.9800, 0.9840, 0.9970, and 1.017. The parallel monthly resistance exists at 0.9751. We recommend buying above 0.9751 with the targets at 0.9820 and 0.9870. If a daily close is above 0.9742, the bulls will challenge new highs by adding 150 or 200 pips on the higher side.