USDCHF 12-10-06

12-10-06

USDCHF

On Friday, I mentioned being interested in shorting 1.2056 when the USDCHF traded up to it. The USDCHF rallied up to 1.2056 and sold off to a low of 1.2015. The USDCHF then rallied back up to close at 1.2048. This area of supply is big. It will take quite a bit of time to absorb all the supply in this area. I will pass on trading USDCHF on Sunday since it has support at 1.2040 and resistance at 1.2056 which is a very small range. The 240 chart below shows a clearer picture of the range for the USDCHF going forward.