USD/CHF - Challenging The Key Resistance at 0.9037
USD/CHF has broken the resistance at 0.9013 (16/06/2014 high) and is now challenging the key resistance at 0.9037 (see also the declining channel). Initial supports can be found at 0.9016 (23/07/2014 low) and 0.9001 (intraday low). Another support lies at 0.8969 (17/07/2014 low).
From a longer term perspective, the bullish breakout of the key resistance at 0.8953 (04/04/2014 high) 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. Furthermore, a break of the resistance at 0.9037 would favour a second leg higher (echoing the one started on 8 May) with an upside potential at 0.9191. A strong resistance stands at 0.9156 (21/01/2014 high).