USD/CHF made a successful break-up
Bastian Rubben | Dec 14, 2011 03:52PM ET
The pair has finally made a successful break-up of the strong resistance at 0.93. Just as I expected, the second attempt was success, after the amateurs were shaken out during the false-break, two weeks ago. The target I set to the current movement was 0.97 and the pair is more than half way there. It is possible to put some profits in your pockets, if you implemented this trade-idea.
Tomorrow is published the interest rate in Switzerland, which is expected to remain under 0.25%. However, the main event is the SNB press conference and its outlook regarding the Swiss economy and the obstacles it expects. If the CHF's fans like the SNB press conference, the currency might get stronger against the USD and pair will correct down. However, if the USD continues its aggressive strengthening, the pair might hit the target we set at 0.97.
AUD/CHF
The pair's daily chart reminds the USD/CHF daily chart. Both currencies are weaker than the USD, but the AUD wins in the battle against the CHF. There were several attempts to breakthrough 0.93 during the recent months, but the success came just two-weeks ago. On the beginning of the week, the pair retested the break-up area (long-tail candlestick) and the buyers showed their strength when the price reached 0.93 again. The target for the current movement is at 0.96, but a break-down of the support will be a negative signal for the pair.
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