USD/CHF Technical Analysis October 20, 2011

USD/CHF had a bullish day on Wednesday, and even popped above the 0.9000 mark. This was an area that we said we needed to see hold and get broken to the upside in order to buy this pair. Selling was never an option as the Swiss National Bank is threatening to sell Francs, so we are looking for buying opportunities. A breaking of the Tuesday doji would be a good sign that we are ready to continue the up move in this pair. It makes sense – as the Franc can’t be held for safety anymore, and basically makes the USD the only choice out there now for safety.

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