FX.co ★ Technical analysis of USD/CHF for March 04, 2014

The USD/CHF's downward movement from 0.9081 extended to as low as 0.8777. Further decline could be expected after a minor consolidation, and the next target would be at the 0.8700 area. In the hourly chart, the pair is holding above the moving averages that is a bullish view. The immediate resistance is at the level of 0.8864 on the intraday basis. Until the price holds the support at 0.8818, we can expect some pullback. If the price breaks it, next support will be at 0.8792 and 0.8777.

S1 0.8823 R1 0.8868

S2 0.8818 R2 0.8918

THE AREA ABOVE 0.8868 IS SAFE FOR BULLS.