Monday, May 23, 2011

USD/CHF to resume downtrend 5/23 8:15 PM CST

It looks like the swissy might be resuming its strength against the US Dollar as we bump into the bottom of the most recent retracement and a reverse in polarity on the previous support (@.89 in purple). Looks like a good play to the short side with a break above the most recent peak (@.895) being a the signal to get out of any short for the time being. There is also some divergence indicating this trend is continuing as the MACD is just slightly higher now than it was at its previous peak (highlighted by the yellow trend lines).

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