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The USD/CHF has been bouncing around between the 0.92 and 0.93 for the last month as we have been waiting to find out if the support level would hold. As you can see, it hasn’t. So the pair looks bearish at this point, and will attempt to target the 0.88 level as based upon a measurement of the previous consolidation rectangle.
A break above 0.93 would be very bullish, however unlikely. The smart money is certainly selling at this point, as the down trend seems to be in full force again.
More March 16, 2011 Analysis:
