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What’s Holding USD/CHF at $1.080?

Posted on May 28, 2009 at 19:42 in Trading Desk by Ryan O'Keefe

USD/CHF has been testing $1.080 all week and printing an inverted megaphone pattern on the four hour chart. Today’s daily candle printed what could almost be considered a bearish engulfing range but it’s not text book. I realize the candle patterns are usually used to time reversals in an uptrend but it can also have merit as a trend continuation indicator also. I’m wondering if $1.080 is going to give way tomorrow morning with the Swiss KOF data followed by the U.S. GDP numbers on the docket. I went looking on a longer term chart to see what might be holding up USD/CHF at $1.080 and this is what I found.

I have an idea how to play this but I need to wait a bit longer before I make any moves. Stay tuned and best of luck.

Ryan

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