By: Colin Jessup
The USD/CHF or 'Swissy' as traders call it, has found some support on the Monthly S1 at 0.9100, halting its fall towards the close of the New York session. Price has been slightly Bullish during the Asian session retracing less that 20 pips in the last 8 hours. Selling strength is still quite strong in this pair with support at both a Weekly S2 and the psychological barrier of 0.9000. If the Bears continue the push downward, look for interim support at 0.8976 with a technical vacuum below this level to 0.8898 farther down. If price recovers and moves higher, resistance will be at 0.9044 which is also the 'Daily Pivot' and 0.9095 will be offering strong historical Resistance above that. I would expect to see some retracement before falling further, but a break below the 0.9000 level could signal a panic sell off by traders and pull price action downward rapidly. I am cautiously bearish on this pair.
Happy Trading!