After a test of the major support at 0.95 last friday, the US Dollar made a correction against the Swiss Franc. Currently, the pair USD/CHF is testing a pullback on the resistance at 0.96.
We see that the first test of this resistance lead a quick correction below this level. Next candlesticks are now smaller, showing a zone of indecision.
However, we expect a take up of the bearish trend for a new test of 0.95. The breakout of this level will lead to a new bearish wave on the pair USD/CHF. We could then target a test of the low of June 17th and 20th towards 0.9422.
If 0.96 is broken, a buy signal will be given. We will then expect a test of 0.9670 and 0.9750 in extension. Analysis published by Bruno, the 07/05/2012 at 8h40 GMT+2
Chart of the pair USD/CHF - Timeframe 4H - Zoom in :
Chart of the pair USD/CHF - Timeframe 1H
USD/CHF Live Chart - Timeframe : 4h