USD/CHF: Making New Lows
USD/CHF made a daily close below the support at 0.8800 on Friday. The hourly support at 0.8778 has also been breached. The shortterm technical structure is negative as long as prices remain below the resistance at 0.8816 (07/03/2014 high). Another resistance stands at 0.8896 (05/03/2014 high).
From a longer term perspective, the structure present since 0.9972 (24/07/2012) is seen as a large corrective phase. However, the break of the key support at 0.8800 (27/12/2013 low) opens the way for a further decline towards the next key support at 0.8568 (27/10/2011 low).
We have removed our long strategy given the recent new highs above 102.83.