USDCHF—possibly basing

On the three-hour chart, the Swissy had three candles with lows from .9329 to .9333 yesterday. Since this is higher than the prior lows of .9323 on Jan. 3 and .9301 on 12/31, perhaps the pair really is trying to base. Whether it will be successful at that or not is a separate question. The pair needs to climb above .9783 which is quite a ways off—the high so far today is a spike to .9525. As I wrote yesterday, with the monthly triangle break down hanging over it, things don't look great. Still, there might be a run t .9600 or so. Support is at .9323, .9301 and a speed line at .9278. Below that is tohu-bohu.

© Dianne Fecteau, 2011. No part of this material may be reproduced in any form, or referred to in any other publication, without the express written permission of the author.

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