USD/CHF - The Support at 0.9473 Has Been Broken
USD/CHF has broken the support at 0.9473, suggesting increasing selling pressures. An hourly support lies at 0.9441 (intraday low, see also the rising trendline). A key support stands at 0.9368. An hourly resistance can now be found at 0.9511 (28/10/2014 high), while a key resistance is at 0.9562.
From a longer term perspective, the technical structure favours a full retracement of the large corrective phase that started in July 2012. As a result, the recent weakness is seen as a countertrend move. A key support can be found at 0.9301 (16/09/2014 low). A resistance now lies at 0.9691 (06/10/2014 high).