USD/CHF - Remains Near The High of its Rising Channel
USD/CHF remains well supported as can be seen by the current mild price correction. Monitor the hourly support at 0.8969. A key resistance area stands between 0.9013 (16/06/2014 high) and 0.9037. Another support lies at 0.8938 (09/07/2014 high).
From a longer term perspective, the bullish breakout of the key resistance at 0.8953 suggests the end of the large corrective phase that started in July 2012. The long-term upside potential implied by the double-bottom formation is 0.9207. A strong resistance stands at 0.9156 (21/01/2014 high).