USDCHF Analysis 11/09/14

FX:USDCHF   U.S. Dollar/Swiss Franc
142 0 1
USDCHF             is in a clear uptrend. Resistance and Support levels are 0.94 and 0.917 respectively. The Significant Round number that can be seen in the chart is the 0.90 level.

What we're looking for to trade here is a retracement from its current new high. The confluence area here is where the Support and Uptrend line meet. This would be the best area where we can place our trade. We want the price to reject this confluence area and form a Bullish signal.

The Fibonacci Levels can also be used here. It can be seen in the Fib levels how the market struggled before continuing to go up. Although there is no Fib level that is so near the Support line, it is also worth considering.

Remember that in this uptrend, it is very logical to buy on retracements with the support of the Significant areas.

Trade well.
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