USDCHF Analysis 31/10/14

FX:USDCHF   U.S. Dollar / Swiss Franc
18 0 0
Long term trend: Down
Medium term trend: Up
Significant Levels: 0.9680 (Horizontal Resistance), 0.9540 (Horizontal Support), Fibonacci Retracement

The price broke above the Resistance-turned-support line in yesterday's candle. And now, the price is still above the Support line. This would be a good opportunity for us to go Long before the price continue its up move. It would be logical to put the Stop Loss below the Support line and Profit target just below the Resistance.

For a long term trade, 0.9680 resistance level would eventually be broken. If you want to trade for a long period, it would be better to hold the position and wait for the price to break above the Resistance. We are bullish with this currency pair and there is plenty of room above that this pair could move to.

Trade well.
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