FX.co ★ USD/CHF Intraday Technical Analysis & Trade Recommendation December 5, 2011

In the period between October 27 - November 25, USD/CHF currency pair has been trending up inside a bullish channel marked on the chart.

On November 28, We had a strong bearish breakout then the pair formed a consolidation zone between 0.9175-0.9240 which was broken Last Wednesday.

On breaking the mentioned congestion zone, the pair managed to make a lower low breaking the lows at 0.9174 & 0.9138.

Now the pair is retesting of our mentioned supply zone 0.9175-0.9240 giving a low Risk/Reward SHORT position.

Based on the previous analysis:

We can sell the pair at current prices or higher as long as it doesn't go above 0.9255.

SL should be placed above 0.9255 & TP should be placed at 0.9110, 0.9070 & 0.8950.