USD - CHF Technical Forex Analysis for Forex Traders

“Doji” action early suggests the rate to finding bids; no doubt some are profit-taking from the shorts. Large stops elected under the 1.0350 area early in the break Friday; active selling found waves of stops suggesting the late longs got clipped hard. Rate closing under the 100 and 50 bar MA suggests more downside is coming—like a test of the monthly lows. Any rally likely to attract selling so be ready for a short. In my view, the rate needs to be sold on any strength.

USD/CHF Daily

Resistance 3:  1.0350
Resistance 2:  1.0300/10
Resistance 1:  1.0250/60
Latest New York:  1.0193
Support 1:  1.0180
Support 2:  1.0150
Support 3:  1.0110/20

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