USD/CHF rose during the session on Monday as the markets bounced in the Dollar's favor. The 0.91 level acted as support, and as a result we saw traders step in at that area. The area looks supportive all the way down to 0.90 or so, and we like buying as long as we can stay above that level, and show any signs of strength or support. We aren't interested in selling as the EUR/CHF pair, a potential trigger for intervention by the Swiss National Bank, is hovering dangerously close to the lows that the central bank has put in. Intervention will have an effect on all XXX/CHF pairs, as this one will be no different. With this in mind, although this isn't our favorite pair at the moment, we would only buy.
USD/CHF Forecast January 31, 2012, Technical Analysis
USD/CHF Pivot Points (Time Frame: 1 Day)
Name S3 S2 S1 Pivot R1 R2 R3