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USD/CHF Swissy on Way Back Down

By: Doug Rosen

I begin my analysis for the Swissy today with the daily time frame. Yesterdays candle looks a bit like a spinning top and I also see price has also made a double top at .9079 which also happens to be the 61.8 fib level of the previous swing low, however, price is still above the daily 5 ema and the daily 5 ema has just crossed above the 233 ema, however, the 233 ema is very flat to begin with and all the ema's seem to be bunched together so this could be the sign that price just may very well roll over to the downside.

USD/CHF Daily 11/9/11

Moving over to the 4 hour time frame it appears that the 61.8 fib I just commented on is in the same zone as the monthly M3 at .9039 which may also explain the major drop this pair made yesterday. Price is just below the 4 hour 5 ema and the 5 ema looks as though it is poised to cross below the 13. The upper Bollinger band just happens to be pointing down and the stochastic is pointing down as well. These are all bearish indications that price may fall further, however, we cannot ignore the fact that price is still above the 21 ema and has bounced off it three recent times already and the 21 ema is usually a tough ema to break.

USD/CHF 4 Hour 11/9/11

Moving on to the hourly time frame I can see that price has been trending downward and is just below the 13 and 21 ema's. Price came down to the weekly R1 pivot point at .8923 and bounced up to the weekly M4 at .8954 which is where it is as I write this analysis. Price starts it's day today below the Daily Central Pivot Point 0.8978.


USD/CHF 1 Hour 11/9/11

Doug Rosen
About Doug Rosen
Doug Rosen is a Florida-based Forex trader who became a skilled technical trader through 3 years of intense practice and self-teaching. He now coaches a live trading room and analyzes the market on forextradeplans.com.

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