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

February 17, 2017
Golds rally may falter
The gold price has racked up its 2nd straight day of gains today on the back of US dollar weakness and doubts over an interest rate hike next month from the US Federal Reserve...
February 16, 2017
Where is black gold heading?
The Euro is slowly going down and this is not brought on by the Eurozone situation. Instead, this is fueled by the U.S. Dollar. Yesterday, Janet Yellen gave a speech in the Senate Banking Committee emphasising the fact that it Is not quite right to use the wait-and-see stance regarding the interest rate hike...
February 14, 2017
Will France exit the euro?
The Euro has come under pressure late in the European session today, after analysts warned of the huge costs that France would face should they decide to ditch the European currency...

Fort Financial Services Rating
Exness Rating
FxPro Rating
Grand Capital Rating
Larson&Holz IT Ltd Rating
Cms Trader Rating

Banc De Binary Rating
First Binary Option Service Rating
IQ Option Rating
OptionFair Rating
Beeoptions Rating
99Binary Rating