Technical analysis of USD/CHF for August 20, 2014

Overview:

The USD/CHF pair is going to set strong resistance at the level of 0.9225 and support stands at 0.9103 today. Equally important, the price has still been moving around the key level at 0.9100 since yesterday. Moreover, the USD/CHF pair has still been below 50% of Fibonacci retracement levels since last year as shown in the daily chart. Another thought, the RSI calls for an uptrend. As a result, the price has already formed the strong support at this spot of 0.9100. Now, it is approaching it in order to test it. Therefore, the USD/CHF pair will get an upside rather convincing momentum and the structure of the rise does not look corrective. For indicating a bullish opportunity above the 0.9103 level, it will be a good sign to buy below 0.9100 with the first target of 0.9160 (this level coincides with the weekly pivot point) and it will call for an uptrend for continuing bearish move towards 0.9225.