USD/CHF: Technical Analysis for November 29, 2012

USD/CHF: It is necessary to consider that the price is still located between points of 0.9340 and 0.9410, i.e. above the strong resistance level of 0.9415. The pair has already formed a strong resistance at this level of 0.9415 and is presently approaching to the further testing. Therefore, the Swissie is expected to go downwards following the structure which does not look corrective and it is indicating the bearish opportunity below 0.9415/0.9440 level. Sell deals are recommended below 0.9440 with the first target seen at 0.9366 level. Thus, the downtrend is likely to continue the bearish movement towards 0.9240 level. Moreover, it is crucial that the price has probably formed a strong support at 0.9200. The saturation is likely to take place around 0.9200. Therefore, it is possible that the market will start showing the signs of a bullish behavior. In other words, buy deals are recommended above 0.9200 with the first target seen at 0.9270 level and if the weekly pivot point (0.9334) is broken successfully, then the pair will go further at 0.9400 level (S1). It should be noted that the resistance becomes a support after it is broken.