FX.co ★ Technical Analysis of USD/CHF for November 27, 2014

The pair has lost almost 100 odd pips this week. The pair has been making lower lows, it has been declining for 3 days. The pair is on a verge of the monthly support trend line on the daily chart. On the down side, the pair has support at 0.9590 and 0.9530. Bulls are trying to hold their grip, until the prices close above 0.9530. In case if the prices close below 0.9530, bears will drive the pair in the near term for 100 pips on the down side. From an Intraday view, the prices are forming a strong resistance level at 0.9621. We recommend hourly buying above 0.9625 and selling below 0.9590. The huge amount of pressure is taking place ahead of the Swiss referendum. It will be held this Sunday November 30, 2014. In case if the prices manage to breach above 0.9745 and close above this, the pair can challenge 0.9950 on a medium-term basis. In the hourly chart, the pair is making lower lows and lower highs.