FX.co ★ Forecast of USD/CHF for July 11, 2014

USD/CHF

The pair is holding above the 50DSma in Asia's trading session. The pair may face strong resistance at the 0.90 levels. The pair was rejected once at 50 WSma and made a low at the 0.8857 levels. In the short-term view, the pair made a double bottom at 0.87 and was rejected at 50 WSma. The pair took the support at 50.0% fib levels. If the bulls managed to breach the 0.90 levels, we can see the short-term rally up to 0.9157 and 0.9180. Positional traders keep an eye on the 0.9015 levels.

The pair made a huge distribution at the 0.912 levels. Closing the week above 0.90/0.912, the bulls may get charged to print another 150-180 pips in the short term. On the down side, the pair has support at 0.8898 below this, 0.8857. We recommend to sell only below 0.8857 for a target of 0.87 (previous low).

Note, cmp 0.8931

the short-term bullish trend is above 0.9012

Intraday resistance is at 0.8938; above this level it can fly up to 0.8948 and 0.8975

Support existed at 0.8898 below 0.8857