USD/CHF fell on Wednesday as the Dollar was originally sold off in general around the currency markets. However, the later hours of the session saw a run
USD/CHF fell on Wednesday as the Dollar was originally sold off in general around the currency markets. However, the later hours of the session saw a run back to the Dollar, and this pair was no different. With the Swiss National Bank below wishing to push the value of the Franc down, and therefore this pair up, and the 0.93 level that we saw a breakout occur a few sessions ago did in fact hold as support.
With this action, we are willing to buy the USD/CHF pair on a break above the daily candle, which was a hammer after all. The pair looks very bullish, and as long as there is uncertainty out there, the Dollar should continue to grind higher.
USD/CHF Forecast December 22, 2011, Technical Analysis
Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.
