FX.co ★ USD/CHF Bullish Outlook June 02, 2011 (Daily Strategy)

USD/CHF

The United States dollar – Swiss Franc pair continues its southward journey as part of a downwards trend that,technically, could present stagnation and change the trend in the short term.

Recommend buy only if the price is above the first weekly support around the 0.8446 level. It is possible to enter a buy deal already at the present price levels, although another wave downwards the important support level at 0.8346 is also likely. Such a move will serve us to increase the buy position with a brief stop loss order set around the 0.8250 level. A partial realization can be carried out next to the nearest 0.8775 resistance weekly pivot level, should the expected upward movement indeed occur.