USD/CHF 4H Chart 6/15/2012 7:00AMEDT
The USD/CHF cracked the 0.95 handle to start the week but rallied back to 0.9640. The range set up for the week is between 0.9640 and 0.9470. As the trading week winds down to the 6/15 US session, the USD/CHF is sitting just above the 0.95 handle again.
With the CHF still tracking the EUR, a push below 0.95 would suggest the market buying into positive headlines regarding G20 and Central Banks all coming up with contingency plans for the Greek re-election this Sunday (6/17).
As far as momentum goes, the downside momentum is very weak. The 4H RSI has not tagged 30, and is now resorting to readings between 40 and 60, which reflects consolidation momentum. A break below 0.9470 and a push of the RSI below would be needed to suggest a bearish trend development.
Fan Yang CMT is a trader, educator and the Chief Technical Strategist for FXTimes – provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.
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