Technical analysis of USD/CHF dated 28.09.2012
As it was mentioned in previous technical analysis of USD/CHF dated 20.09.2012, according to the formed signs of that chart, there was the potential of ascending in price which finally the price ascends. The price during its ascend could record the resistance level of 194163 and right now is the important resistance level. The descending channel is drawn by the close points of candles.
The top price is made under the conversion level (from support to resistance), and this conversion level is an important obstacle for ascending of price that prevented from the increase of the price twice. Stoch indicator is in the saturation sell area in daily time frame and shows descend of the price according to the next cycle, but it is not valid because of not being in the same direction of weekly time frame. Generally until the top price of 0.94163 is preserved, there is a potential of descend in this currency pair in daily time frame.
FxGlory
2012.09.20