USD/CHF: the pair will reach new lows

October 9, 2013

Current trend

Last week the pair reached the lows recorded two year ago. USD/CHF has been in the descending channel for quite a long time and it is possible that the pair will continue trading in the range of 0.8980-0.9075 amid budget crisis in the USA. The lower boundary of the channel is a strong support level, which will prevent further decline of the pair. Nevertheless, if the USD continues to weaken and this level is broken down, the decline can reach the level of 0.8500.

Support and resistance

At the moment the pair is trading near resistance level of 0.9075, which coincides with the level of 23.6% Fibonacci. Next resistance levels will be 0.9130, 0.9180 and 0.9270. Support levels: 0.9880 and 0.9850.

Trading tips

It makes sense to open long positions in case of breakdown of the level of 0.9075. Short positions are recommended if the pair consolidates below the level of 0.8970.

Ilya Lashenko

Analyst of LiteForex Group of Companies

Publication source
LiteForex information  LiteForex reviews

September 27, 2016
Markets start last week of September on the back foot
It hasn't been a great start for global equities in this last week of September, with European indices dropping between 1.0 to 1.5 per cent during Monday’s morning session, mirroring a similar performance in Chinese and Japanese markets overnight...
September 23, 2016
Gold rises to critical level on lower-for-longer policy signals
The price of gold extended its rebound modestly on Thursday after the US Federal Reserve provided some key signals on Wednesday that, despite a considerable probability of one Fed rate hike by the end of this year...
September 22, 2016
Moving on from the Fed
The reaction seen in currency markets yesterday to respective central bank policy decisions was instructive of the change in dynamics that we’re seeing. The BoJ enacted a number of changes to its policy regime...

Larson&Holz IT Ltd Rating
OctaFX Rating
FBS Rating
FOREX.com Rating
HotForex Rating
FXTM Rating

TopOption Rating
OptionsXO Rating
OptionTrade Rating
Beeoptions Rating
EZTrader Rating
IQ Option Rating