Rate rallies to test the 50 bar MA where the stops were on Friday—fails to back a break higher stick suggesting the rate will rotate lower the next 24 hours. No doubt some bids are profit-taking from the shorts but that won’t last in my view.

Any rally likely to attract selling so be ready for a short; sell signal today suggests rate is ready to rotate lower again. In my view, the rate needs to be sold on any strength. Look for a sell signal again overnight. Light volumes suggest whipsaw coming.

USD/CHF Daily

Resistance 3:  1.0380
Resistance 2:  1.0350
Resistance 1:  1.0300/10
Latest New York:  1.0291
Support 1:  1.0150
Support 2:  1.0110/20
Support 3:  1.00080

Data due Tuesday: All times EASTERN (-5 GMT)

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Forex Analysis by Jason Alan Jankovsky at ForexPros.com. For more details about Forex Trading and Tips for decent earnings through Forex Trading, Please check http://www.forexpros.com