USD/CHF Technical Analysis October 7, 2011

USD/CHF rose on Thursday, but formed a shooting star at the end of the session as the move faded a bit. The pair looks a little overbought at these levels, and a pullback isn’t necessarily a bad thing at this point. We still believe in the upward momentum of this pair, but no market moves in one direction forever, so we are welcoming a potential pullback as a chance to buy at a cheaper price, and expect the 0.90 level to be very supportive.

Written by FX Empire