Rate continues to rotate up to and fail at the 100 bar MA area; the 1.0480 area looks to be poised to offer resistance again. Today’s close under the 1.0350 area suggests further losses to end the week. Buyers appear to be technical traders and expect some momentum accounts on the bid soon. 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; if we get a sell signal on the day today likely to enter a short. 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:  1.0520
Resistance 2:  1.0480
Resistance 1:  1.0440/50
Latest New York:  1.0321
Support 1:  1.0300/10
Support 2:  1.0250/60
Support 3:  1.0220

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

6:00am CHF SNB Board Member Jordan Speaks

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