The USDCHF has now moved lower after producing a small Pin Bar on the daily chart. This was not the cleanest Pin Bar and was also not as large and commanding as it could have been. This Pin Bar was formed at a solid resistance area which was where the bears came in to push the price lower.
Before price moved lower below the Pin Bar, the bulls had one last crack at the resistance area, moving price higher which caused price to retrace before the bears came in and took control. On the chart below you will see price retraced higher after the Pin Bar was formed and this was the bulls having one last attempt at moving price back higher.
Near term support for this pair comes in close below around 0.9170. If price can make it to this area we may see the bulls attempt to come back into the market with fresh buy orders. If price can maintain it’s push lower the major support comes in around 0.9085.
Side Note* This is our first post back after the New Year. I hope you all had a safe and happy Christmas and New Year period and are ready to get back into things. We will be posting in this blog after New York close each day so stay tuned.
USDCHF DAILY CHART – 8 JAN 2013