FX.co ★ Technical analysis of USD/CHF for February 21, 2014

From the last weeks high at the level of 0.9038, it corrected towards the 2-month low at 0.8857, taking support of 0.8860 made on December 30, 2013. Within last 2 trading sessions the pair consolidated near support levels and moved a bit higher at the level of 0.8915. The pair struggled to cross above this level, attempted 4 times but resulted unsuccessfully. In the hourly chart the pair taking support at the level of 0.8887. In Asian trading session the pair is trading at the level of 0.8896 holding above 21 and 40DEMA.

Intraday -

S1 0.8887 R1 0.8906

S2 0.8860 R2 0.8913

If the pair trades above the level 0.8915, it can fly up to 8930. Either side break of the range of 0.8887-0.8915 will allow further move.