The Swissy (USD/CHF) fell to a low last week of 0.9076 after breaking a key support level for the pair at 0.9265 on December 13 when the pair successfully opened and closed below the level and then continuing to fall the next day. After some consolidation over the holiday's the pair has come back up to test the level it worked so hard to breach (See Triple Bottom) and is now finding resistance at this area. If the resistance holds, we should see this pair fall once again to the 0.9100 area and beyond over the weeks ahead with levels of 0.8980 & 0.8860 testing the Bears strength. But if we close back above the 62EMA(and Friday's High) at 0.9295 then the bears might be quite angry at what comes next and have to hibernate a little longer. A close above last Friday's high will probably indicate a Bullish continuation as it will break a descending trend-line that has held since anchoring itself at the 2012 high last July at 0.9972, with confirmation points at 0.9512 and 0.9302. If this happens the challenge for the Bulls becomes conquering the resistance levels of 0.9340 and 0.9430.
Happy Trading!