NEW YORK (Forex News Now) – Below is a brief survey of technical analysis for the Swiss franc for Monday, October 11th, 2010 as reported on various online forex news outlets.
After creating a new record low last Thursday at 0.9554, USD/CHF is primed to fall further during Q4, reported FXstreet. However, a reversal today, with some positive momentum indicators in place, suggests that USD/CHF could move upwards during Q4 if the pair can break through resistance levels at 0.9756 and 0.9781.
Forex Pros reports that following the next resistance level for USD/CHF – 0.9500 – the next resistance level is quite a bit away at 0.9078.
DailyFX stated today that high levels of oversold daily and weekly studies indicate a potential for significant upside. Analysts there are looking for a close above the 0.9700 mark as indication of a market reversal.
The pair continues to trade below a falling trend line, reports the Forex Journal. “The bounce from 0.9555 is more likely consolidation of downtrend. Support is at 0.9555; a breakdown below this level will suggest that the downtrend has resumed, then another fall to 0.9500 could be seen.”