The USDCHF pair has soared forming a long white candlestick formation as seen on the provided daily chart. At the same time, Stochastic becomes more positive and that proves the solidity of the support line started at 0.8925. Hence, we hold onto our bullish scenario; noting that, a break above 0.9175-0.9200 will bring a re-test of the key levels around0.9335.
The trading range for today is among key support at 0.9000 and key resistance at 0.9310.
The general trend over short term basis is to the upside, targeting 0.9950 as far as areas of 0.8850 remain intact.
|Recommendation||Based on the charts and explanations above our opinion is, buying the pair around 0.9125 targeting 0.9300 and stop loss below 0.9000 might be appropriate.|
Technical analysis for precious metals with major support and resistance levels and recommendations for 18-08-2009