Technical analysis of USD/CHF for September 30, 2014

Overview:

The price of USD/CHF indicates a bullish market on the last day of September. The uptrend started rising from the level of 0.9466 and reached 0.9500. So, the pair is going to move between 0.9470 and 0.9592 during coming hours. Moreover, the price has still been above the support level of 0.9466 since yesterday. Also, it is worthy of note that these levels are coinciding between 50% and 61.8% of Fibonacci retracement levels in the weekly chart.

The weekly chart:

On the other hand, the pair has already formed strong resistance at the level of 0.9592. So now it is approaching it in order to test it. Therefore, the Swissy's downside momentum is rather convincing and the structure of the fall does not look corrective. In order to indicate a bearish opportunity below 0.9592 (but in the short term). Thus, it will be a good sign to sell below 0.9592 with the first target of 0.9540. It will call for downtrend continuing falling towards 0.9460 to try to break the weekly support on the 30th of September 2014.

Intraday Key Levels:

Resistance 3:0.9575 Resistance 2:0.9553 Resistance 1:0.9532 Pivot point:0.9510 Support 1:0.9489 Support 2:0.9467 Support 3:0.9446