Possible Double Top on Swissy

Colin Jessup

By: Colin Jessup

The daily USD/CHF chart has formed, or is still forming a possible double top formation indicting that another drop could be coming soon. Price has tried 4 times since February 2011 to break and hold above 0.9300 with zero success, the most recent of which being November 25. Now we are testing this level again with price falling slightly in the Asian session, but likely to make one more push at least to break 0.9300. Also of interest is that 0.9300 is very close to the 50% retracement level from the May 2010 high to the August 2011 low. If we do break above 0.9300 then we could see a test of the 23.6% zone & weekly resistance zone of 0.9900, but if we don't break higher there is a good chance we will encounter some support at 0.8800 and again at 0.8625.

Happy trading!

USD/CHF Daily 12/7/11

Colin Jessup
Colin Jessup is certified in both Securities & Technical Analysis from the Canadian Securities Institute, founder of Omegatrader Canada and a Live Trading Coach at TheTradingCanuck.com, a service that calls live trades to captures dozens of pips daily with low drawdown.

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