USD/CHF Spot Daily Forecast – 01 October 2014

USDCHF in a strong bull trend & as expected beat 9530/32 shooting to our target of 9595/9600 & topped exactly here!! We are so overbought at this stage that profit taking is likely but not a big sell off & offers buying opportunities. A drift lower to support at 9530/25 with a bounce from here expected but longs need stops below 9505. A break lower could then target 9485/80 for the next buying opportunity. Unlikely the pair will fall any further but if 9450/45 is seen this should be an excellent opportunity to enter longs with stops below 9430.

Immediate resistance at 9595/9600 again of course & we should struggle here today. Selling to shorts in a bull trend is never wise but it may be worth trying small shorts here today in the hope of a quick turn, with stops above 9625. Be ready to jump back in to longs on a break higher & look for 9650/60.

Written by: http://www.daytradeideas.com