Trading Forecast USD/CHF

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April 13, 2011 4:33 PM EST

HY Markets

 
USD/CHF closed lower on Tuesday extending last Friday's breakout below the 20-day moving average crossing. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are bearish signalling that sideways to lower prices are possible near-term. If it extends the decline off last week's high, March's low crossing is the next downside target. Closes above the reaction high crossing would confirm that a short-term bottom has been posted.

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