Forex Trading: USDCHF Becomes Safe Haven Again
The USDCHF is moving sharply lower as the CHF is the safe haven currency once again. There are problems in the US. There are problems in the the EU. Japan has their own issues. Switzerland has been able to weather the storm so far despite the stronger currency.
From a technical perspective the price is back within the channel that held the price for most of 2011. The trendline comes in at the 0.8445 area.
Looking at the hourly chart, the price is near a low floor at the 0.8381 level. The 61.8% comes in at the 0.8369. The low for the week came in at the 0.8363 level These are the next targets to get through.
The 5 minute chart shows a minor bounce off the low. The price peak has reached 0.8398. There is a clear ceiling at this level now. The market will be eyeing this level as a possible entry level. If the price moves above the are likely to reevaluate and look for the 0.843231 level.
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