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USD/CHF Falling Trend Line (September 23, 2013)
USD/CHF is in a solid downtrend these days, as a falling trend line can be formed when connecting the highs of the price. The pair has broken below several key support levels but might be in for a pullback today.
There are no reports due from Switzerland, as the positive sentiment from the recent SNB statement is expected to keep the franc supported. As for the US, there are a few medium-tier reports due today but might not be enough to save the Greenback from the ongoing selloff.
On the 1-hour time frame, the pair is consolidating around the .9100 major psychological level. A pullback to the trend line could reach until the .9200 handle, which is a former support area on a longer-term time frame and could act as resistance now.
Stochastic is already in the overbought region, although it could still edge higher. A short at .9200 with a stop of 50 pips and a target at .9100 would be a 2:1 trade.
By Kate Curtis from Trader's Way
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