USD/CHF Technical Analysis October 21, 2011

The USD/CHF pair had a bearish day on Thursday as traders sold off the Dollar in favor of the Franc. The pair is currently difficult to sell, as the Swiss National Bank is working against the rise of the Franc in general, but specifically to the Euro. Even though this pair isn’t the SNB’s focus, it certainly will be affected by what happens in that pair. Because of this, we don’t sell. We are waiting for supportive candles in the present area, and are willing to buy from them, as it is very likely to turn into a longer-term trade.

Written by FX Empire