FX.co ★ Daily analysis of USD/CHF for January 7, 2014

Overview:

• The USD/CHF pair has broken a major resistance at 0.9003. It should be noted that the new resistance was calculated and found at the level of 0.9080 and it is now approaching it in order to test it, therefore it will probably start upside movement at this area and recover again. So the market will indicate a bullish opportunity at the 0.9003 level, and it will be a good sign to buy at this spot with a first target 0.9042 (this level is formed by the daily pivot point on January 7, 2014). It will then continue moving towards 0.9069 for forming double top. On the other hand, if a break of 0.8970 happens, then it will be a good location for placing a stop loss at the 0.8955 level.

Intraday technical levels:

• R3: 0,9116
• R2: 0,9092
• R1: 0,9066
• PP: 0,9042
• S1: 0,9016
• S2: 0,8992
• S3: 0,8966