USD/CHF fell for the first half of the session on Tuesday only to bounce later in the day to form a hammer just above the 0.91 - 0.90 support area. The pair is certainly benefitting from the bearish stock markets and run to the Dollar for the day. Also, the EUR/CHF found itself dangerously close to the 1.20 level during the trading day, and the possible intervention at that area would certainly drive the value of the Franc down overall - and show itself in this pair. Because of these things - we are bullish of this pair, and the candle for the session is the supportive signal we have been waiting on. We are willing to buy a break of the highs form Tuesday, and pullbacks that show signs of support between here and 0.90 - even on the shorter time frames.
USD/CHF Forecast February 1, 2012, Technical Analysis
USD/CHF Pivot Points (Time Frame: 1 Day)
Name S3 S2 S1 Pivot R1 R2 R3