USD/CHF Forecast February 7, 2012, Technical Analysis

USD/CHF rose for a decent portion of the Monday session, only to fall back down to form a shooting star. However, the 0.91 level is the start of a massive support zone that goes down to the 0.90 level. The pair will be supported there, and as such we think that a break of the lows from Monday will only signal consolidation. The pair is still a buy overall in our eyes, but the supportive candles that we want to see haven’t appeared yet. We are at the right spot, but don’t have the right candlesticks yet. A hammer or a break above last Wednesday’s highs are enough to get us long of this pair. With the Swiss National Bank intervening against Franc strength, we aren’t buying the Franc against any currency at the moment.

USD/CHF Forecast February 7, 2012, Technical Analysis

Written by FX Empire