Forex Analysis CHF Swiss Franc / US Dollar
Resistance 3: 1.0450
Resistance 2: 1.0420
Resistance 1: 1.0380
Latest New York: 1.0373
Support 1: 1.0320/30
Support 2: 1.0300
Support 3: 1.0270/80
Other Things to Watch/Open Trades/News
SHORT USD/CHF 1.0380 Stops @ 1.0480
Aggressive traders can sell 103.70/80 area and
hold over the weekend (Higher risk so trade accordingly)
Rate clears stops above near-term resistance. Rate now at very top of range; look for a sell-off from here but news is needed. Pullback was bought after the fix on Friday and the rate is firm now for a test of the 104.30/40 area again.
Test of the lower range now expected if rate can fail again at resistance. Expect a bounce from 1.0250 now so be nimble though as a break below there likely to draw aggressive selling. Rate has set up to attract dip buying so we need to see if that is a head-fake. Need a failure at 1.0420 near-term to go short in my view.
No follow-through is to be respected; look for offers to show up higher than the1.0400 handle now that the bounce followed through higher.
Data due Wednesday All times EASTERN (-5 GMT)
* 5:30am CHF Leading Index m/m 1.46 1.54
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