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USD/CHF : Major support at 0.95
Sentiment :


The Swiss Franc has violently appreciated againt the US Dollar, making a wave of 150 pips. This strong bearish rally call into question the bullish trend on which the pair was since June 21st, following the exif the bullish channel in a 4h timeframe.A test of the major support at 0.95 is expected on the next days. This scenario is reinforced by the breakout of a bullish slant in a 1h timeframe. However, the movements seems to have some difficulties to pursuit, as shown by the big lower shadow and the next small candlesticks on a 1h timeframe. The pair USD/CHF could have the need to rebound to then pursuit its bearish movement. So, a pullback on 0.96 is possible before a test of the major support at 0.95.

The breakout of 0.95 will give a new sell signal and we will then target a test of the lows of June 17th and 20th towards 0.9422.
Analysis published by Bruno, the 06/29/2012 at 9h16 GMT+2

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USD/CHF Live Chart - Timeframe : 4h