USD CHF Set to Resume Down Trend on Better Than Expected U.S. Housing Data

The Swiss Franc is being driven higher at the mid-session on the newsthat the U.S. economy may be improving. This morning’s better thanexpected U.S. housing report is being interpreted as a strong sign thehousing market has reached bottom.

The Swiss Franc is being driven higher at the mid-session on the news that the U.S. economy may be improving. This morning’s better than expected U.S. housing report is being interpreted as a strong sign the housing market has reached bottom.

Remember the housing market topped before the economy went bad so many analysts believe that in order to turn around the economy the recovery must be led by a housing market bottom. 

The USD CHF remains in a down trend but trapped inside the 1.2299 to 1.0371 range.  The retracement points in this range are 1.1335 to 1.15625.  At this time the market seems to be distributing in this zone but a close under 1.1335 will give a strong indication that this pair wants to resume the down trend.

James A. Hyerczyk has been actively involved in the futures markets since 1982. He has worked in various capacities within the futures industry from technical analyst to commodity trading advisor. Using W. D. Gann Theory as his core methodology, Mr. Hyerczyk incorporates combinations of pattern, price and time to develop his daily, weekly and monthly analysis. His firm, J.A.H. Research and Trading publishes The Forex Pattern Price Time Report... More

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