USD/CHF: Approaching The Key Resistance at 0.9383
USD/CHF has broken its resistance at 0.9303 (04/01/2013 high). A key resistance is at 0.9383 (see also the high of the declining channel in the daily time frame). Hourly supports can be found at 0.9286 (16/01/2013 low) and 0.9218 (15/01/2013 low).
The break of prior support at 0.9423 (18/06/2012 low) has invalidated the succession of higher lows that started in August 2011. The lower low made on 20 December 2012 confirms a bearish bias. A medium-term decline towards the key support at 0.8931 (24/02/2012 low) is expected.