USD/CHF Technical Analysis October 24, 2011

USD/CHF fell again on Friday as investors sold off the Dollar against everything in response to the anticipation of the EU bailout meetings over the weekend. The idea of the meeting producing something major seems to be the focus of the markets. However, the Swiss National Bank is still willing to work against the Franc, and we think this pair only has limited downside because of that. The pair is a “buy only” pair at this point, and with that in mind – we are not willing to join this move. We are looking for a supportive candle in which to buy this pair currently.

Written by FX Empire