USD/CHF Technical Analysis October 27, 2011

The USD/CHF pair had a range bound session on Wednesday as traders waited for the all-important EU summit to end. The deal didn’t come, but there are rumors floating around, and rumors are exactly what the market has been trading on for some time now. The set up is easy now: Trading a break in either direction is the way to go for a doji. However, the Swiss National Bank is trying to sell off the Franc in order to keep its value down. The pair is only able to be bought, so we want to buy on a break to the upside, and a break to the downside has us waiting for supportive action in this “buy only” market.

Written by FX Empire