USD/CHF Bullish but Nearing Resistance

Doug Rosen

By: Doug Rosen

The Swissy continues to look bullish except for the fact that it is soon approaching resistance. On the daily time frame price is maintaining itself above the 21, 13 and 5 ema's. The angle and separation between the ema's is not that great so there is not so much energy behind price so a break above resistance will be hard to achieve. Price has a horizontal resistance line and a trend line overlapped with the upper Bollinger band to contend with so breaking resistance may not be so easy.

USD/CHF Daily 12/6/11

Price is currently just below the daily R1 pivot and currently touching the monthly M3 pivot, however, on the 4 hour time frame price is riding the 5 ema and the upper Bollinger band is open and pointing up.

USD/CHF 4 Hour 12/6/11

On the hourly time frame price has been riding the 5 ema to the upside and the upper Bollinger band is open and pointing up, however, price is approaching visual resistance at .9244 which is not too far below the weekly M3 pivot.

USD/CHF 1 Hour 12/6/11

On the 15 minute timeframe the ema's are beginning to get close to each other indicating this pair may be slowing down a bit. The Swissy today is very closely correlated with the GBP/USD as well as the EUR/USD and SILVER & GOLD.

USD/CHF 15 minute 12/6/11

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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