USD/CHF - Failing to Hold Above The Strong Resistance at 0.9156
USD/CHF has failed to hold above the strong resistance at 0.9156. Monitor the support at 0.9104 (22/08/2014 low), as a break would confirm a deterioration of the short-term technical structure. Another support can be found at 0.9059 (19/08/2014 low). An hourly resistance now lies at 0.9179 (25/08/2014 high).
From a longer term perspective, the recent technical improvements call for 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, the break of the resistance at 0.9037 calls for a second leg higher (echoing the one started on 8 May) with an upside potential at 0.9191. The strong resistance at 0.9156 (21/01/2014 high) has held thus far. Another resistance stands at 0.9250 (07/11/2013 high).