USD/CHF Weekly Technical Report 19-23/11/2012

Areas of 0.9400 halted the upside move and trading today started with a downside bias; this signals that the bearish Butterfly Pattern continues to influence trading and might extend the downside pressure on the pair . Breaching 0.9570 will completely fail the pattern and extend the upside move, while stability below 0.9515 supports the completion of the pattern as provided on the chart.

The trading range for this week is among the key support at 0.9245 and key resistance at 0.9655.

The general trend over short term basis is to the downside targeting 0.8860 as far as areas of 0.9775 remains intact.

Support 0.9425 0.9365 0.9325 0.9305 0.9275

Resistance 0.9490 0.9515 0.9570 0.9600 0.9655

Recommendation Based on the charts and explanations above, our opinion is selling the pair below 0.9490 targeting 0.9445, 0.9415 then 0.9360 and stop loss with four-hour closing above 0.9570 might be appropriate this week