USD/CHF Forecast February 9, 2012, Technical Analysis

USD/CHF had a very tight range on Wednesday as the world continues to wait on the results of a Greek bailout deal. The markets have been incredibly patient with Athens, but the time has come to see some kind of agreement. The “risk on, risk off” movements of the markets have made it extraordinarily difficult for most firms to turn a profit over the long run.

The pair currently sits just above a massive support area consisting of the 0.90 to 0.91 levels, and the Swiss National Bank continues to monitor the value of the Franc. Although the SNB is primarily concerned about the EUR/CHF rate, any intervention will cause this pair to move. The pair can only be bought because of this, and at this level we would love to see a hammer to go long with. However, we are still waiting for that bullish candlestick. Bullish engulfing ones would also work. Until then, we wait for a bullish sign as we consolidate in general.

USD/CHF Forecast February 9, 2012, Technical Analysis

Written by FX Empire