USD/CHF - Potential Short-Term Lower High in Place
USD/CHF weakened yesterday despite the intraday bullish reversal made on 10 November. Monitor the hourly support at 0.9617, as a break lower would validate a short-term declining trend. Hourly resistances can be found at 0.9701 (11/11/2014 high) and 0.9742. Another hourly support stands at 0.9580 (04/11/2014 low).
From a longer term perspective, the technical structure favours a full retracement of the large corrective phase that started in July 2012. The recent new highs above the key resistance at 0.9691 confirm this outlook. A strong support stands at 0.9368 (15/10/2014 low). A key resistance can be found at 0.9839 (22/05/2013 high).