Technical outlook and chart setups:
The USD/CHF pair looks to be in a deeper correction mode with downside extensions pointing towards 0.9150 levels at least, as depicted on the daily chart view here. Interim support is seen at 0.9350, followed by 0.9300, 0.9150 and lower, while resistance is seen at 0.9550 (interim), followed by 0.9680/0.9700 respectively. It is recommended to initiate at least 50% short positions at current level (0.9460/70), risk remains above 0.9600. The structure indicates that bears remain in control for a while. On the flip side, a push through 0.9550 levels would indicate that the pair is heading towards fresh highs.
Trading recommendations:
Remain 50% short from current levels, set stop at 0.9600, target is 0.9150.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of USD/CHF for October 29, 2014 . Thanks for your support.
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