USD/CHF: Literally Consolidating

USD/CHF: Literally Consolidating

6:00 PM (EST) Update

USD/CHF Daily: Spinning Tops All Over the Place

Forex Trading idea: Are you kidding me?

Technical reasons why: While we have been covering the head & shoulders pattern on the 4 hour chart of USD/CHF, on the daily chart the pair is basically just spinning around, and around, and around, inside the Ichimoku cloud and a descending triangle. Even all the speculations about Fed deal and US dollar economy is making it move. Then what will? I’m guessing Wednesday could be the day with the FOMC meeting and statements.

Trading Scenarios: Look for a break out either above or below the triangle and set your stops and limits accordingly

Where to set your stops and limits:

Support Levels Turning Point Resistance Levels
0.9250 0.95 0.9700
0.9020 1.00