USD/CHF Technical Analysis August 12, 2011

The USD/CHF pair rose on Thursday as a SNB member mentioned the possibility of a peg to the Euro. The truth is this rise if probably going to be short-lived, and traders should be on the lookout for any weakness in this market as a possible selling opportunity. The pair certainly will run into resistance at the 0.80 level, but is facing it in a minor way at the current area of 0.77 and could possibly signal more selling at this point as well. We won’t buy this pair under any circumstances as being patient for selling opportunities has made a lot of money for us over the last several months.

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