The USD/CHF pair had a fairly quiet day on Friday, even though the stock markets weren’t quiet at all. The pair is being artificially held up by the Swiss National Bank at the moment, and the lack of motion shows this. The pair is certainly in a down trend, and the SNB might be overrun if the situation in Europe gets any worse. The pair can’t be bought, and it really can’t be sold at this point either. We need a large candle in one direction or another to show us the way forward. The 0.8000 level just above should be resistive, and if it gives way would be a bullish sign.
Written by FX Empire