By: Colin Jessup
The Swissy continues to trade between its 2 week high of 0.9262 and the opposing low at 0.9087 for the 3rd week in a row. Support at 0.9120 has been tested several times with price falling right back into its range day after day. While action during Monday's New York and London sessions was largely Bullish and price closed above the weekly pivot point (0.9161) at 0.91856, it will need to close above its Weekly R1 at 0.9235 before we can consider the market Bullish, at which point we can look for the next zone at 0.9311 with a Weekly R2 sitting just above at 0.9335. The opposite holds true for a Bearish sentiment, requiring a close below support at 0.9120, or 0.9100 would be better, in order to shift things to the Bears. Weekly S1 lies at 0.9161 with the next level of support at 0.8987. Retail sales numbers in the US and the Treasury's Geitner's speech pending, we could see some action later in the New York session on this pair. I will remain neutral on the Swissy until we breach either the 2 week high, or low.
Happy Trading!