Sunday, February 9, 2014

USDCHF Weekly Outlook 10th-14th February 2014

This pair, after the pin bar-orchestrated bear move from 0.9135, reversed upside to test 0.9135.
0.9135 wasn't reached due to the bearish engulfing candles pattern formed and the market ended last week on a bearish mood strenghtened by a worse than expected non-farm payroll data
This pair could bounce off the 0.8850 support level ( combination of trendline and horizontal support).

I will watch price action at 0.8850 if the market gets there
Otherwise, if the market turns upside, I will watch for price action at 0.9135 resistance which is made stronger by negative slope trendline
Resistance Level          0.9130                                                                              
Support Level             0.8850

I will keep you updated as this market unfolds in the course of the week

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