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Forex: USD/CHF consolidating around 0.9100

By FXstreet.com,  April 22, 2012, 11:40:00 PM EDT

FXstreet.com (San Francisco) - Friday saw the USD/CHF pair slide to 2-week lows, reaching as low as 0.9084 before ending at0.9092, down from 0.9149 late Thursday. So far in Asia this Monday, the pair has been consolidating those losses around the 0.9100 handle, bracketed between 0.9093 and 0.9112.

Technically speaking, "This should see any pullback remain below 0.9138 (max 0.9153) for the drift lower to continue back to Friday's 0.9082 low and later to the 0.9029-45 projected consolidation support," comments Ian Copsey, Market Analyst at Harmonic Elliott Wave. "From here we should see a modestly deep pullback higher to complete the larger consolidation pattern." USD/CHF now trades at 0.9108, up 0.2% on the day.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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