USD/CHF - Consolidation/Retracement After Plunge

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USD/CHF - Consolidation/Retracement After Plunge

By James Chen on March 23, 2009 | More Posts By James Chen | Author's Website

After the 700+ pip plummet last week, price action on USD/CHF as of Monday morning has entered into what currently appears to be a lower volatility consolidation with indications of a potential bullish retracement. There is a distinct possibility for an inverted flag pattern to develop.

Any bullish retracement/consolidation that occurs should meet resistance around the 1.1400 price region. A subsequent breakdown below the 1.1100 region would confirm a downward continuation that could eventually target the 1.0700 support/resistance region.

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