USD/CHF Bounces Strongly After Failing To Break Below Last Thursday’s Lows

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USD/CHF Bounces Strongly After Failing To Break Below Last Thursday’s Lows

By Greg Michalowski on February 4, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

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The USD/CHF just tested the 100 hour Moving average at the 1.1562 level on the back of the record auction announcement and bounced. This level should continue to provide support for the pair.

The USD/CHF, like the EUR/USD, reversed a large part of the losses from yesterday. The pair was helped by the inability of the pair to break through last Thursday low level of 1.1406. After 3 separate attempts, the market started to move higher. GBP/CHF buying also helped the pair move higher.

We are seeing a lot of cross action today with the GBP being the strong currency pair and the EURO and CHF under pressure.

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