USD/CHF Is Pressured But Finds Support At 1.0229-40

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USD/CHF Is Pressured But Finds Support At 1.0229-40

By Greg Michalowski on October 12, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

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The USDCHF has been pressured this morning on the back of the weaker dollar sentiment. However, it is approaching support at the the 1.0229-40 level which is the low prices from last week. I would expect some profit taking buying against this level as the USDCHF has moved sharply lower today after breaking through both the 100 and 200 hour MA at the 1.0327 and 1.0294 level respectively.

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Look for buyyers against this level with a target on the topside at the 38.2% retracement off the lows. This level comes in at the 1.0278 level. I would expect sellers against this level, with stops above.

On the downside, if the price breaks the 1.0219 level, look for further selling.

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