FX.co ★ Technical analysis of USD/CHF for May 22, 2014

Overview:

• The USD/CHF pair will set strong resistance at the level of 0.8982 and support at 0.8903 today. Also, it should be noted that the weekly pivot point has aready set at the price of 0.8860. So, the last bullish wave started from the weekly pivot point at the level of 0.8860 this week. Additionally, the price is still moving above the key level (0.8860) since last week. Therefore, the USD/CHF pair will get an upside momentum. It is rather convincing and the structure of the fall does not look corrective. Bullish opportunity is above the 0.8903 level. So it will a good sign to buy above 0.8903 with the first target of 0.8950 and continuing bullish towards 0.8982 (this level is coinciding with the weekly resistance two). Moreover, it should be noted that the RSI calls for an uptrend.