By: Colin Jessup
The USD/CHF has stopped once again on the support zone at 0.9125 and is being held in check by the Daily Moving Average to the upside at 0.9236 creating a trading box of 110 points give or take a few pips. This is quite possibly just a short term consolidation before a break lower towards the next support zones of 0.8990 and 0.8835.
If the Bears follow through we should see a break below 0.9100 in the next 12 hours with minor support at 0.9075...please bear in mind that the Swiss Trade Balance Report & the Eurostat Producer Price Index numbers will be released today and the numbers are expected to be lower than the previous report which could have some impact on the markets as a whole, and at the very least has the potential to change the strength of this pair dramatically. If the bulls take over look for rolling resistance at 0.9240 and a weekly S/R zone is seen at 0.9300 which will be the next key level to the upside.
Happy Trading!
