The USD/CHF pair finally managed to break above the 0.80 level on Friday, and is closing about 70 pips above that line. This area has been very resistive over the last several sessions, and represents a serious piercing of a serious area. The pair looks like it wants to pullback and if it does – we will be watching if the 0.80 level is going to serve as support. If and when that happens – this becomes a massive buy signal as we run to 0.83, 0.85, and 0.90 in the future. The trend is still down, so expect any move upward to be choppy. However, the recent action in this pair suggests that we may be seeing a serious move build up.
Written by FX Empire