USD/CHF - Continuation to Upside Expected

By: Doug Rosen

This pair finally made a long overdue, yet modest retracement. It still maintains its bullishness, It retraced down to last month's high as well as last week's high, which nearly overlapped with the 4 hour 21 then, hourly 55, and 15 minute 233 ema then it took right back off. I would also like to note that this area almost overlaps with a 38.2 Fib of the move up.

On the 15 minute chart the stochastic does look a bit bearish so we need to pay attention to this pair carefully to see whether or not it reverse fibs on us then continues to head down. I really do not think we are experiencing a change of trend, just a normal retracement and I am sure this pair will continue onward to the upside.