USDCHF to Find Support at .9475?

·    October 27, 2014

·      October 27, 2014

·    October 27, 2014

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After rallying nearly 1,000 pips, USDCHF began forming a bull flag pattern on October 6th. The pair traded within this pattern until October 21st when the bulls were able to break channel resistance.

Following the break, the pair rallied 80 pips before falling back to current levels. I do expect for the .9475 area to act as support given the multiple touches as support and resistance over the past few weeks.

From here we can watch for bullish price action on the 4 hour chart. The first resistance level lies at .9560, with key resistance at the year high around .9680.

Summary: Watch for bullish price action around .9475. The first resistance level resides at .9560 with key resistance coming in at .9680.

USDCHF 4 hour forex chart

GBPNZD analysis

GBPNZD 4 hour forex chart

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